Schiff Brands Bitcoin 'Anti-Gold' as Gold Surges Past $4,402

Gold advocate Peter Schiff has launched another attack on Bitcoin, branding it 'anti-gold' and urging investors to sell both the digital asset and shares of business intelligence firm Strategy (MSTR).

The warning comes as gold surges past $4,402 an ounce while Bitcoin struggles to hold the $64,000 level. Schiff's argument is based on what he calls a clear inverse correlation between the two assets.

'When gold initially broke out, Bitcoin broke down,' Schiff wrote in a social media post on August 10. 'Now that the gold correction is over, and gold is back in rally mode, Bitcoin has resumed its decline.'

Gold's rally has been fueled by weak U.S. employment data, leading to expectations of potential interest rate cuts. Gold reached record territory near $4,402 per ounce, while silver also climbed to a multi-week high around $66.