Shark Tank's Kevin O'Leary 'goes Peter Schiff' on crypto

The long-standing debate between gold and Bitcoin (BTC) has resurfaced as both assets come under fresh market pressure.

During the final week of October, gold prices fell sharply, dropping nearly 3.5% early in the week as investors shifted toward riskier assets amid easing trade tensions between the United States and China. The precious metal ultimately declined more than 9% from its record high of $4,381.21 on Oct. 20.

Meanwhile, Bitcoin briefly captured attention after surging to $116,000 during the same period, only to pull back shortly after.

At the time of reporting, Bitcoin was down 3.4% and trading at $98,088.34, dropping below its $100,000 mark for the third time in a month, as per Coingecko.

Gold, on the other hand, was priced at $4,162.32 per ounce, after dropping by 1.04%. 

Recently, "Shark Tank" investor Kevin O'Leary reaffirmed his preference for physical gold over digital assets, describing the precious metal as a time-tested store of value — and a symbol of tradition.

Kevin O' Leary weighs on gold

In a post shared on X on Oct. 31, O'Leary said he owns "some gold coins for vintage value," emphasizing that their collectible nature adds another layer of appreciation beyond the metal's intrinsic price. 

"Gold, for thousands of years, has been an asset coveted all around the world. It's been established as a store of value everywhere...It's not crypto...where there are still skeptics. It's accepted everywhere," he said. 

For O'Leary, the appeal seems to be as much cultural as financial. Explaining further on the use cases, he added how, along with industrial uses, it also carries cultural symbolism, such as in India, where gold is gifted in weddings.

"Some of these collectible gold coins from the last few centuries have actually gone up in value beyond the value of gold,"he wrote.

The investor's remarks highlight a sentiment often echoed by conservative wealth managers who see gold as a hedge against volatility. 

Kevin O Leary goes Schiff

"Hearing Kevin O'Leary lately feels like he's going full Peter Schiff on crypto," pseudonymous crypto trader Deltan said, arguing that O'Leary's recent comments echo the kind of skepticism long associated with Schiff.

Peter Schiff is a gold advocate and one of Bitcoin's most notorious critics  has spent years predicting the collapse of crypto, routinely calling Bitcoin "worthless" and urging investors to buy gold instead. His warnings often intensify during market drawdowns, making him a symbol of persistent anti-crypto sentiment.