Peter Schiff Says Sell Bitcoin and Strategy Stock as Gold Tops $4,400
Peter Schiff wants investors out of Bitcoin (BTC) and Strategy (formerly MicroStrategy, MSTR) stock as gold pushes past $4,400 an ounce. The longtime gold bull says money is rotating back toward hard assets.
His warning landed Tuesday, one day after Strategy confirmed another Bitcoin sale. Meanwhile, gold and silver both hit multi-week highs while BTC barely moved.
Why Schiff Calls Bitcoin the Anti-Gold Trade
Gold traded at $4,402.43 an ounce early Tuesday, up 0.28% on the day. The metal has gained 6.78% in a month and roughly 29.6% over the past year.
Silver moved to $65.84, a seven-week high. Over 12 months, the metal has climbed almost 74%.
Chinese institutional demand and steady central bank buying have carried much of the bid this year.
Both rallies followed weak US jobs data that cooled expectations for further Federal Reserve rate hikes. Bitcoin, however, gained little from the same repricing. Schiff reads that gap as structural rather than temporary.
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