Bitcoin has underperformed gold by about 30% since its all-time high in November 2021.
MicroStrategy's recent Bitcoin purchases are currently in the red, with losses ranging from 2% to 15%.
Peter Schiff believes Bitcoin is behaving more like a speculative asset than digital gold, raising doubts about its store of value and reserve asset qualities.
Schiff suggests that as more investors see through the hype, the narrative of Bitcoin being digital gold is crumbling fast.