Crypto
Schiff Warns: Sell Bitcoin as Gold Surges Past $4,400
Gold prices have surged past $4,400 an ounce, prompting Peter Schiff to warn investors to sell Bitcoin and Strategy stock. The gold bull argues that money is rotating back towards hard assets.
Schiff believes that the correlation between gold and Bitcoin is structural rather than temporary. He points out that when gold initially broke out, Bitcoin broke down, and when gold corrected, Bitcoin bounced back up. Now that gold has resumed its rally, Bitcoin's decline continues.
The Strategy company recently sold 1,690 BTC for $108.6 million to raise dollars, which Schiff sees as a collateral problem rather than a cash management choice.