A familiar debate reignited on X today after Peter Schiff, the long-time gold advocate and vocal Bitcoin critic, declared that both Bitcoin and Ethereum are now officially in “bear market territory.” But analysts quickly pushed back, pointing to long-term price data that suggests Schiff’s take misses the broader picture.
Schiff’s Claim: Bitcoin Down 21%, Ethereum Down 38%
In his post, Schiff cited recent declines in the crypto market, saying:
“Bitcoin has fallen 21.6% and Ether 38.3% from their respective highs, putting both in bear markets.”
He added that CNBC’s framing of the downturn as a “correction” rather than a bear market was misleading, accusing the network of softening coverage to appease its crypto advertisers.
Schiff’s comments come as Bitcoin trades around $102,000, down sharply from its mid-October highs above $130,000, while Ethereum sits near $3,200 following a similar multi-week slide. His stance echoes years of skepticism toward digital assets, often arguing that Bitcoin is more speculative hype than sustainable value.
Benjamin Cowen Responds: “Here’s the Actual Truth”
Within hours, market analyst Benjamin Cowen responded with a chart showing Bitcoin’s price history since 2016, annotated with Schiff’s past bearish calls at various price levels.
Cowen’s caption read simply: “Hey CNBC, here is actual truth.”
Hey CNBC, here is actual truth pic.twitter.com/fTdx3Asiff
— Benjamin Cowen (@intocryptoverse) November 5, 2025
The chart highlighted how Schiff repeatedly dismissed Bitcoin during its rise from below $4,000 in 2019 to above $100,000 today, often labeling each rally as unsustainable. Cowen’s post underscored a recurring theme: Schiff has consistently called tops that turned out to be midpoints in Bitcoin’s long-term growth trajectory.
Why It Matters
This exchange captures the ongoing divide between traditional macro investors and crypto-native analysts. Schiff represents the legacy finance camp, emphasizing gold and skepticism toward risk assets. Cowen and others argue that cyclical volatility doesn’t negate Bitcoin’s structural uptrend, and that labeling each 20% pullback a “bear market” misrepresents the data.
Despite Schiff’s criticism, Bitcoin’s multi-year chart still shows a sequence of higher highs and higher lows, suggesting what Cowen describes as a “macro bull structure” remains intact.
Whether this correction deepens or stabilizes, one thing is clear: every Bitcoin dip seems to reignite one of finance’s most enduring rivalries, gold vs. digital gold.