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.
“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.
Deltan suggested O’Leary’s latest remarks, where the Shark Tank investor said gold remains more culturally trusted especially in weddings, could unintentionally mirror Schiff’s tone. But unlike Schiff, O’Leary is actually a heavy participant in the digital asset ecosystem.
Kevin O’Leary has backed multiple crypto startups, invests in Bitcoin and stablecoin infrastructure, and has long advocated for clear U.S. regulation to unlock institutional adoption. He regularly argues that tokenized assets, stablecoins, and regulated crypto exchanges will dominate global finance.
