Gold advocate and Bitcoin skeptic Peter Schiff took another jab at Michael Saylor, arguing that Bitcoin has been in a prolonged decline when measured against gold.

"Gold is the apex predator that will eat Bitcoin," Schiff said in an X post, tagging the MicroStrategy, now known as Strategy co-founder. He pointed out that while one Bitcoin could buy 36.3 ounces of gold at its peak in 2021, it now buys 27.7 ounces — a 24% decline in gold terms.

"So Bitcoin has been in a stealth bear market for the past three and a half years," Schiff claimed .

Bitcoin vs. Gold: The inflation hedge debate

Schiff, a long-time critic of Bitcoin, continued his attack by questioning Bitcoin’s role as a hedge against inflation.

"If Bitcoin is negatively correlated to gold, Bitcoin can't be considered digital gold," Schiff said. "Since it's highly correlated to the NASDAQ, Bitcoin is really a digital stock, only without the possibility of ever having earnings or paying a dividend. If that's the case, what's it worth?"

Schiff also dismissed the idea of a U.S. Strategic Bitcoin Reserve, questioning the logic behind it.

"If the U.S. government is not going to buy any Bitcoin, then why is anybody else?" he asked, arguing that the crypto industry’s lobbying efforts were driving unrealistic expectations.

“I never believed that other countries would be dumb enough to buy Bitcoin just because we did it,” Schiff added.

Gold breaks $3,000 as Bitcoin struggles below $80K

Schiff’s comments come as gold hit a historic $3,000 per ounce, while Bitcoin struggles to stay above $80,000.

Many investors have turned to gold as fears of a recession and concerns over U.S. trade policies escalate.

Bitcoin, which fell to $78,500 on March 10, has been unable to regain momentum, while gold has surged 14% year-to-date.