Gold down 10% and Bitcoin down 25% this year, Schiff claims... raises ETF custody risk

Peter Schiff said gold has fallen 10% and bitcoin (BTC) 25% year to date, pushing back on bitcoin investors who argue gold has dropped more sharply. In a post on X on the 14th, he said gold is down 1% and bitcoin 15% since the U.S. midterm elections, while in 2025 gold rose 65% and bitcoin fell 6.5%. Schiff also questioned the custody structure of spot bitcoin ETFs, imagining a hack at custodians such as Coinbase ($COIN), Fidelity and Anchorage. He argued that if bitcoins held by ETFs are stolen and then sold on the market, investors could suffer a double loss. The debate matters because it challenges the safety assumptions behind the ETF wrapper that has driven much of bitcoin's institutional demand, and investors will be watching whether custody disclosures and insurer backstops address the concern.