Roundtable CEO and publisher James Heckman told economist, well-known Bitcoin skeptic, and gold bull Peter Schiff that he is "probably the greatest voice for Bitcoin in the world" despite his intentions, because his relentless attacks on inflation, the U.S. dollar, and monetary policy often drive people toward Bitcoin, leaving him to wonder why they aren't buying gold instead.
Heckman and Schiff were recently in a conversation with Scott Melker , the host of TheStreet Roundtable , where the trio discussed the Bitcoin versus gold narrative after the recent crypto market crash .
Bitcoin acting like a tech stock, says Heckman
Heckman noted that Bitcoin was long seen as an inflation hedge, a parallel economic system, and a form of alternative currency among early crypto believers. But over time, he said, the asset's ownership has concentrated among major financial institutions, not necessarily in dollar value, but in the percentage of total supply — diverging sharply from Bitcoin's original vision of decentralization.
"The original idea was that Bitcoin would be a hedge against a bad economy and against inflation," Heckman said. He added:
"Bitcoin is just basically acting like a tech stock."
Related: Exclusive: Tether CEO Paolo Ardoino on CBDC threats
Schiff: Bitcoin in a bear market as gold hits record highs
Schiff, Chief Economist and Global Strategist at Euro Pacific Asset Management, countered that Bitcoin is facing a "put up or shut up moment."
"The crypto community has been hyping it up as "digital gold" and a hedge against dollar debasement and inflation, but BTC is now lying in a "pretty big" bear market," he said.
Schiff brought up his favorite asset, gold, which he emphasized has been hitting new record highs amid global de-dollarization, the Fed's rate cuts, and rising inflation.
"Bigger investors and central banks are buying gold, not Bitcoin," Schiff said. "If Bitcoin isn't a store of value or a safe haven and it's just a tech stock, what kind of tech stock is it? At least some tech stocks have the potential for future earnings. Bitcoin has no potential to earn anything. So I think it's going to collapse."
More News:
What the numbers say
Bitcoin's long-term performance still dwarfs gold's.
Over the past five years , Bitcoin has delivered returns north of 855%, while gold has posted returns of a little over 120%. To put it precisely, between Oct. 17, 2020, and Oct. 17, 2025, Bitcoin has returned 855.5%, whereas gold has delivered only 122.8% returns.
The gap between the two assets widens further over a longer time span . Between Oct. 17, 2015, and Oct. 17, 2025, Bitcoin has returned 41,075% and gold has, in contrast, posted 259.9% returns.
However, 2025 tells an entirely different story. Gold has outpaced Bitcoin year-to-date (YTD).
Since Jan. 1, 2025, gold has delivered 61.2% returns while Bitcoin has posted only 15.8% returns — reflecting a rotation into "hard money" assets.
Heckman agreed with Schiff on the performance of gold and admitted that digitized gold is great.
Related: Binance CEO Richard Teng says U.S. clarity is key as exchange eyes North America
Heckman makes a Valentine's Day bet on Bitcoin
Heckman said he is going to bet Schiff an ounce of gold that Bitcoin will hit a higher price than the current ATH by Valentine's Day (Feb. 14, 2026).
"You know it's hard to take bets on Bitcoin," Schiff admitted.
Related: Polygon's Sandeep Nailwal warns Wall Street crypto rush could trigger major risks
This story was originally reported by TheStreet on Oct 17, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.
