Longtime gold advocate and Bitcoin critic Peter Schiff has once again called on investors to sell Bitcoin.
Schiff argued that the cryptocurrency is moving in the opposite direction of gold and that recent actions by Strategy (formerly MicroStrategy) highlight fundamental weaknesses in the digital asset.
In a post on X, Schiff said, “Sell MSTR and sell Bitcoin now.” He pointed to Strategy’s repeated sales of Bitcoin to raise dollars, claiming this shows lenders prefer traditional fiat money as collateral over Bitcoin.
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“It seems Saylor has given up on the idea of digital credit,” he wrote, noting that Strategy is “consistently selling Bitcoin now to buy dollars.”
Schiff has consistently argued that Bitcoin lacks intrinsic value and functions more as a speculative bubble than a store of value or “digital gold.”
Recall that he framed Bitcoin as “anti-gold”, arguing that the crypto asset moves in the opposite direction.
In his view, capital rotating into gold as a safe-haven or inflation hedge frequently comes at Bitcoin’s expense, turning the digital asset into a vehicle for betting against the metal.
Schiff’s recent comment urging investors to sell Bitcoin, comes as the crypto asset slipped below $63,000 sparking a wave of liquidations across the cryptocurrency market.
The sharp dip forced leveraged traders who had bet on further upside to automatically close their positions. At the time of reporting, BTC is at $63,047, as traders continue to monitor open interest and funding rates for signs of further volatility. Bitcoin short-term holders are reportedly keen to sell into range highs as they seek to break even on their investment.
Crypto analyst Benjamin Cowen said Bitcoin’s next 60 days could determine how the current bear market ultimately plays out. He highlighted August and September as historically difficult months, particularly during U.S. midterm election years.
Bitwise Chief Investment Officer Matt Hougan said Bitcoin refusing to react to bad news, including BTC sales by Strategy and CLARITY Act delays, is one of the clearest signs the cryptocurrency winter is ending.
Polymarket currently assigns only a 9% chance of Bitcoin hitting $100,000 and beyond this year, down from a high of 91% in January.
Amidst price predictions, Schiff’s latest comments, reinforce the view portraying the current divergence between gold’s strength and Bitcoin’s relative weakness as evidence that capital is rotating back toward traditional hard assets.
His warnings are not new as he has repeatedly advised selling Bitcoin during both rallies and downturns. Whether this latest call marks a meaningful shift in market dynamics or another chapter in his ongoing critique remains a point of debate among investors.
Outlook
Bitcoin’s near-term outlook remains mixed as traders weigh weakening price momentum against signs that the broader crypto market may still have underlying strength.
A sustained break below the $63,000 level could expose Bitcoin to further downside, particularly if leveraged positions continue to unwind and short-term holders increase selling pressure.
However, Bitcoin’s ability to absorb negative catalysts including Strategy’s recent BTC sales and delays surrounding U.S. crypto legislation could suggest that selling pressure is already being priced into the market.
For now, investors are likely to focus on Bitcoin’s ability to hold the $63,000 area, changes in open interest and funding rates, institutional buying activity, and movements in gold.
A decisive move in either direction could provide a clearer signal about whether the current pullback is a temporary correction or the beginning of a deeper market downturn.