Peter Schiff Says Sell Bitcoin And Strategy Stock As Gold Tops $4,400

What Happened

Peter Schiff wants investors out of Bitcoin (BTC) and Strategy (formerly MicroStrategy, MSTR) stock as gold pushes past $4,400 an ounce. The longtime gold bull says money is rotating back toward hard assets.

Market Context

Tuesday’s tape offers partial support. Bitcoin traded at $65,254, up just 0.5% in 24 hours, with a market cap of nearly $1.31 trillion.

Strategy sold 1,690 BTC last week for $108.6 million, an average of $64,262 per coin net of fees. The company then used those proceeds to buy back STRC shares, its preferred stock still trading under par.

That sale price sits far under the company’s average cost. Its aggregate basis stands near $75,385 per coin, so last week’s disposals locked in a loss.

Not everyone reads the divergence Schiff’s way. Gordon Grant, portfolio manager and head of derivatives at Bitwise, frames Bitcoin’s digital gold test around adoption by sanctioned states rather than price action.

Why It Matters

Both rallies followed weak US jobs data that cooled expectations for further Federal Reserve rate hikes. Bitcoin, however, gained little from the same repricing. Schiff reads that gap as structural rather than temporary.

Details

His warning landed Tuesday, one day after Strategy confirmed another Bitcoin sale. Meanwhile, gold and silver both hit multi-week highs while BTC barely moved.

Why Schiff Calls Bitcoin the Anti-Gold Trade

Gold traded at $4,402.43 an ounce early Tuesday, up 0.28% on the day. The metal has gained 6.78% in a month and roughly 29.6% over the past year.

Silver moved to $65.84, a seven-week high. Over 12 months, the metal has climbed almost 74%.

Chinese institutional demand and steady central bank buying have carried much of the bid this year.

“When gold initially broke out, Bitcoin broke down. When gold corrected, that’s when Bitcoin bounced. Now that the gold correction is over, and gold is back in rally mode, Bitcoin has resumed its decline. Bitcoin is anti-gold. The more gold goes up, the more Bitcoin will go down.”

The history complicates his thesis, though. Gold slid below $4,000 as recently as June, and Bitcoin did not rally on that weakness either.

Strategy Sells More BTC to Raise Dollars

It also raised $653.1 million from 6.59 million common shares. Its dollar reserve hit $4.65 billion as of August 9, while holdings slipped to 840,447 BTC.

Schiff reads the pattern as a collateral problem rather than a cash management choice.

Saylor, for his part, insists he never sold his coins, even as his company keeps selling Bitcoin.

Gold’s advance and Strategy’s selling now run in parallel. Whether they stay linked depends on the Fed’s next move and on how much cash Saylor still needs to raise.

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