Financial commentator Peter Schiff, who was dubbed "Dr. Doom" after correctly predicting the 2008 market crash, is now claiming that selling all of your Bitcoin and betting on gold mining stocks is "the best trade you can make right now."
Schiff has noted that Bitcoin, which he calls "the epitome of risk assets," is selling off while gold is routinely logging new highs. Earlier today, the yellow metal reached a new all-time peak of $3,291.
Bitcoin is currently changing hands at $83,445 on the Bitstamp exchange ahead of what appears to be another painful trading session for U.S. stocks. The E-mini S&P 500 futures are down by 1.5% as concerns about tariffs continue to persist.
"An example of what not to do"
As reported by U.Today, Schiff set up his own strategic reserve on March 8, encouraging contributions from members of the cryptocurrency community. At press time, the reserve contains a puny 0.055 BTC (roughly $4,600 at current prices).
The Echelon Wealth Partners cofounder says that he will allow the reserve to crash to set an example of what not to do.
Caroline Amosun"I have not sold any. I'm allowing the reserve to crash as an example of what not to do," Schiff said.
As reported by U.Today, Schiff previously claimed that the price of Bitcoin could collapse to $10,000.
"Micro" instead of "Strategy"
Schiff has also mocked Michael Saylor's Strategy, joking that it dropped the wrong word in its rebranding. "They should have changed the name to 'Micro' based on where the stock price is going," he quipped.
That said, Bloomberg analyst Eric Balchunas recently noted that Strategy had substantially outperformed tech stocks in 2025.
Vladislav Sopov
Dan Burgin