Peter Schiff’s Bold Move: Dump Bitcoin, Buy Gold Mining Stocks Instead

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Ah, Peter Schiff—the man who predicted the 2008 financial collapse with all the finesse of a clairvoyant in a top hat. And now, once again, he’s back at it, lobbing grenades at Bitcoin, as if it were a sitting duck in a carnival game.

In his latest proclamation, Schiff, a notorious gold evangelist, is on a mission to rid the world of what he calls the “epitome of risk assets” (Bitcoin, in case you missed it). His advice? Sell every last sliver of Bitcoin you own, and instead, funnel your hard-earned cash into gold mining stocks. Because, apparently, that’s “the best trade you can make right now.” Cue the confetti.

Why, you ask? Well, Schiff has a solid reason, bless him. The cryptocurrency is struggling, its price plummeting while gold—good old, shiny, reliable gold—reaches new heights. Just recently, gold hit a staggering peak of $3,300 per ounce, further fueling Schiff’s golden gospel. Bitcoin, on the other hand, is limping along at a sad $83,800 after a 2% dip in the past 24 hours. Poor Bitcoin, the world just doesn’t understand.

A Break From His Anti-Bitcoin Stance

Of course, this is not Schiff’s first rodeo in the world of anti-Bitcoin commentary. He’s been calling the cryptocurrency a speculative joke for years, arguing that it’s destined to crash and burn like a bad reality TV show. Gold, according to Schiff, is the true safe haven during economic turbulence. Well, who could argue with that logic? It’s gold, after all!

But wait, plot twist! Schiff recently gave Bitcoin a rare compliment. In a surprising twist of fate, he acknowledged that the digital coin showed more resilience than he expected during the recent market chaos. On April 3, when global trade tariffs triggered a storm across stocks, commodities, and cryptocurrencies, Bitcoin actually held its ground, losing only 5.7%. This performance was so shockingly decent that Schiff couldn’t help but tip his hat—though just a little. Hey, baby steps!

Of course, don’t expect him to start wearing Bitcoin merchandise anytime soon. Schiff was quick to remind everyone that this was just a “minor victory” for the cryptocurrency, not the dawn of a new era. Not exactly the stuff of heroism, but hey, it’s a start.

Predicting Bitcoin’s Demise, Again

True to form, it didn’t take long for Schiff to dust off his familiar doomsday predictions for Bitcoin. As head of Euro Pacific Capital, he’s convinced that the next big economic crisis—possibly triggered by ongoing trade wars—will be the nail in the coffin for Bitcoin. It’s not just a hunch; it’s a calculated, almost prophetic statement. Forget about the 2008 crash that gave rise to Bitcoin as an alternative to banks; this new crisis, apparently, will turn Bitcoin into the digital equivalent of a beached whale.

Despite the recent temporary truce in tariff wars offering a momentary breath of fresh air, Schiff insists the long-term damage to global trade and investor confidence is irreversible. So, in his eyes, Bitcoin’s reign is but a fleeting fantasy, and gold is the one and only shining star in this volatile universe.

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2025-04-16 18:17