Over the weekend, the idea of a safe haven investment was put to the test. At a time when investors were seeking protection from global economic uncertainty, the market showed a clear divide.
Gold and silver rose to record highs, while Bitcoin [BTC] moved in the opposite direction. Gold crossed $5,175, and silver rose above $87.
In contrast, Bitcoin fell by more than 5%, drop below the key support level at USD 65,000.
Instead of acting as a reliable store of value, Bitcoin weakened during a period of stress, raising new questions about its role as a safe asset.
Peter Schiff slams Bitcoin again
Economist and longtime Bitcoin critic Peter Schiff highlighted this shift on X. He argued that the growing divide between precious metals and cryptocurrencies was not temporary.
Source: Peter Schiff/X
Needless to say, the crypto community pushed back on Schiff’s comments, adding:
“On red days it’s always ‘Bitcoin is down 4%’, but never ‘Bitcoin is up 300% in a year’ on green days. Zoom out, Peter. The chart still scares the gold bugs more than the volatility scares us.”
Echoing similar sentiments, another X user added:
Source: The Bitcoin Therapist/X
While Gold Climbed Above $5,100 an Ounce, Bitcoin Didn’t Act Like a Safe Asset and It Was trading about 30% below its October 2025 peak.
Bitcoin vs gold
At its peak in December 2024, one Bitcoin could buy approximately 38 ounces of gold. By February 2026, that figure had dropped to about 13 ounces.
Source: Long-term Trends
This sharp decline shows that Bitcoin has lost more than 62% of its value against gold in just over a year. Even though Bitcoin still looks stable in dollar terms, it is losing real purchasing power compared to gold.
The rise of silver and the struggle of Bitcoin
The gap becomes even clearer when we compare Bitcoin to silver. Since May 2025, the value of Bitcoin compared to silver has fallen by more than 70%.
Source: Xe
This change is also visible in the global rankings.
According to According to CompaniesMarketCap, gold and silver now rank first and second in overall market value. Bitcoin has fallen to around 13th place, behind many traditional companies and physical assets.
What’s more?
Overall, the strong trend of 2024 and 2025, when many people saw Bitcoin as a good way to protect against inflation, is now weakening.
However, some analysts believe that the current low Bitcoin-to-gold ratio could be a good long-term buying opportunity. They think Bitcoin is cheap compared to gold.
Still, the overall direction of the market is clear. Even though more money is entering the system, investors are opting for gold and silver instead of crypto.
So if Bitcoin wants to be seen as a safe haven again, it must stop behaving like a risky technology stock and start behaving more like a stable store of value.
Final summary
- Bitcoin’s fall below $65,000 weakened confidence in its role as a long-term store of value.
- The sharp decline in the Bitcoin-to-gold ratio shows that Bitcoin is losing real purchasing power, not just price momentum.