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Renowned economist and longtime gold proponent Peter Schiff is once again casting doubt on Bitcoin’s future, encouraging investors to offload their holdings in favor of gold mining stocks. Calling Bitcoin “the ultimate risky asset,” Schiff believes the smarter move during these volatile times is to pivot toward traditional safe havens.
In his latest critique, Schiff argues that Bitcoin’s recent price dip—trading around $83,800 after a 2% drop—underscores its fragility in a stressed market. In contrast, gold has soared to a record high above $3,300, bolstering his long-held belief in the enduring strength of precious metals during economic turbulence.
A Slight Softening on Bitcoin—But Just Briefly
Though typically a fierce Bitcoin critic, Schiff recently surprised many by acknowledging the cryptocurrency’s resilience amid recent market swings. Following a wave of trade tariffs that shook global markets on April 3, Bitcoin dropped 5.7%—yet still outperformed tech-heavy indexes like the NASDAQ and Russell 2000.
Even so, Schiff’s praise was faint and short-lived. He quickly returned to his core argument: that Bitcoin, born in the wake of the 2008 financial crisis, may not survive the next global economic shock—particularly one rooted in escalating trade tensions.
Gold Over Crypto: Schiff’s Ongoing Investment Mantra
Schiff, who leads Euro Pacific Capital, maintains that gold—and especially gold mining equities—offer far greater long-term security than digital currencies. While Bitcoin’s backers tout it as digital gold, Schiff insists it lacks intrinsic value and staying power, especially in times of real crisis.
Despite a brief pause in tariffs, Schiff warns the damage to investor sentiment and international commerce is already done. As economic uncertainty deepens, he remains confident that gold, not Bitcoin, is the safer and more strategic play for investors looking to weather the storm.
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