Gold advocate Peter Schiff denies the logic that the Venezuela incident drove up Bitcoin

LiquidatedAgain · 2026-01-28T22:18:21+00:00

Economist Peter Schiff questions the rise of Bitcoin, believing it lacks fundamental support and is mainly influenced by the political events in Venezuela. He advises investors to sell high and shift to gold, considering gold to be a better store of value and more stable, making it an ideal choice to cope with economic uncertainty.

LiquidatedAgain

2026-01-28 22:18:21

Abstract generation in progress

Renowned economist and precious metals investment advocate Peter Schiff recently expressed his views again, questioning the recent upward trend of Bitcoin. He believes that influenced by the political events in Venezuela, Bitcoin rebounded above $94,500 in early January, but this surge lacks fundamental support and is merely short-term market speculation.

Why Did the Venezuela Event Boost the Crypto Market

In early January, changes in the Venezuela situation triggered risk-averse sentiment among global investors. Many market participants believe that, amid increased regional geopolitical risks, Bitcoin’s status as “digital gold” has become more prominent, leading to a large influx of funds and pushing BTC prices from $80,000 to around $94,500. This event indeed boosted trading enthusiasm for crypto assets in the short term.

Peter Schiff’s Core Viewpoint: The Rebound Has No Foundation

Peter Schiff states that the bullish rally was overly driven by speculation exploiting the “black swan” nature of the Venezuela event. In his view, Bitcoin itself does not possess true asset attributes; its price depends entirely on market sentiment rather than economic fundamentals. In contrast, traditional gold has a millennia-long history as a store of value, with real industrial and ornamental uses, making it a more prudent choice to hedge against global uncertainties.

His Advice: Sell During the Rally and Switch to Gold

Based on this judgment, Peter Schiff recommends investors to decisively sell during Bitcoin’s rebound and shift their funds into physical gold or gold-related assets. He believes that the current crypto market sentiment has been fully priced in, with prices at high levels, and the risk-reward ratio is not favorable. Gold not only preserves value but also provides stable returns when economic uncertainties increase.

Currently, BTC has retraced to around $89,000, and the market is beginning to reassess the allocation value of gold versus Bitcoin. Peter Schiff has maintained this stance for many years, believing that gold is the true safe-haven asset.

BTC-0,55%

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.