Schiff: Bitcoin Is ‘Anti-Gold’ as War, Inflation Fuel Rally

The ‘Anti-Gold’ Argument

Schiff, the Euro Pacific Asset Management main enforcement and longtime bitcoin critic, has spent the past week arguing that bitcoin is not simply failing to way gold’s rally, it is moving successful the other direction. He recently wrote connected X:

Bitcoin is yet the uncorrelated plus you’ve hoped it would be. Even erstwhile risk-on and risk-off assets rise, Bitcoin falls.

In that aforesaid post, Schiff laid retired the numbers driving his argument, stating that golden is up 9% connected the year, metallic 11%, the Nasdaq 13%, the Russell 2000 14%, portion bitcoin sat down 11% implicit the aforesaid stretch. The spread has widened astatine different points this twelvemonth to arsenic overmuch arsenic 20 percent points by Schiff’s tally, a divergence helium treats arsenic impervious that bitcoin’s “digital gold” communicative was ne'er grounded successful however the plus really trades.

Gold and Silver’s War-Driven Rally

Schiff ties golden and silver’s spot straight to geopolitical risk. Writing connected SchiffGold’s Friday Gold Wrap, Schiff and his squad argued that golden and metallic apt enactment successful a near-term bottommost adjacent arsenic broader equity indexes wobbled, with an progressive warfare and a spike successful lipid prices feeding renewed ostentation unit and driving investors toward accepted harmless havens.

Gold traded astir $4,378 an ounce arsenic of August 10, up astir 0.8% connected the time and continuing to clasp levels good supra wherever it started the year. Silver has been adjacent stronger, having acceptable a nominal all-time precocious of $121.67 successful January and remaining adjacent grounds territory since. Schiff argues that oil-driven inflation, rising Treasury yields pursuing enslaved selloffs, and shifting nationalist messaging astir the ongoing struggle are the existent forces down the metals’ strength, not immoderate renewed religion successful fiat currency stability.

Bitcoin, by contrast, slid beneath $64,000 yesterday and has remained determination since, extending a agelong of underperformance that has near it lagging each different large plus people Schiff tracks, including equities, which helium has separately warned could extremity into a deeper carnivore marketplace if the struggle drags on.

A Recurring Feud With Bitcoin

This is not the archetypal clip Schiff has pressed the anti-correlation lawsuit fixed that Bitcoin.com News reported successful July that Schiff argued bitcoin’s golden correlation “was ne'er real,” pointing to the asset’s nonaccomplishment to rally alongside golden during 2025’s precious-metals surge arsenic grounds the narration traders assumed existed simply was not there.

Schiff has besides warned that Strategy, the firm bitcoin treasury institution led by Michael Saylor, could look “much greater” losses fixed its astir 840,000 BTC position, a informing that has taken connected much value arsenic Strategy has begun selling coins astatine a nonaccomplishment this year.

Bitcoin supporters person pushed backmost connected Schiff’s repeated attacks, arguing that short-term terms divergence during a azygous risk-off agelong does not settee a multi-year statement astir bitcoin’s relation arsenic a store of value, and that gold’s ain rallies during past crises person not stopped it from posting crisp drawdowns of its own.