Peter Schiff advises selling Bitcoin to purchase gold

Economist Peter Schiff is advising investors to sell Bitcoin in favor of gold, citing gold as a more crisis-resistant asset. As of October 2026, Bitcoin has been trading around $81,548, which is approximately 35% below its all-time high of $126,080 reached in October 2025.

Despite rising US Treasury yields—which typically make non-yielding assets like gold less attractive—Schiff argues that increasing yields signal falling bond prices. He suggests that as bond investors face losses, they will likely rotate capital into gold or silver. Schiff noted that his own investments are primarily focused on mining stocks rather than physical bullion.

Schiff also highlighted central bank activity as a supporting factor, noting that the People's Bank of China increased its gold reserves by 740,000 ounces in September 2026, bringing its total to 77.47 million ounces.