Economist Peter Schiff has weighed in on gold’s recent correction, asserting that the pullback presents an opportunity for Bitcoin investors to sell their “fool’s gold” and invest in the real thing.
Schiff made the remark shortly after gold plunged 6.3%, marking its largest single-day decline since April 2013, more than 12 years ago. TradingView data shows that the precious metal suffered a flash crash, tumbling from around $4,370 to $4,086 before rebounding above $4,100.
In a post on X, Schiff acknowledged the downturn, noting that gold had dropped by over $200. Nonetheless, he emphasized that the precious metal was still trading above $4,100, which represented its all-time high (ATH) last week.
Sell Your Fool’s Gold for the Real Thing
According to Schiff, Bitcoin is gaining from the short-term gold selloff, as some investors are redirecting capital from the precious metal into BTC.
However, he urged Bitcoin investors to take advantage of the recent gold pullback by selling their “fool’s gold,” a term he consistently uses to describe BTC, and reallocating that capital into gold, which he referred to as “the real thing.”
Growing Bitcoin Skepticism
Schiff has remained skeptical about Bitcoin and has relentlessly shaded the world’s biggest cryptocurrency following gold’s recent rally. As reported by CoinRemark last week, Schiff noted that gold was “eating Bitcoin’s lunch,” while claiming that Bitcoin has lagged by about 32% since August.
He further argued that gold is far more likely than Bitcoin to reach the ambitious $1 million mark. Amid gold’s rally, Schiff described the precious metal as the biggest threat to Bitcoin, suggesting that crypto investors recognize this reality, which is why they constantly criticize and attack gold.
Meanwhile, as gold lost over $200 of its value in a single day, Bitcoin has rebounded, reclaiming $113,000. The world’s largest cryptocurrency is currently changing hands at $113,500, representing an increase of 2.44% over the past 24 hours. It has also posted a modest gain of 0.73% over the past week.
Evans Kelvin
Brenda Kanana
