Schiff Once Again Calls Investors to Ditch BTC, Buy Gold and Silver
Peter Schiff has renewed his call to exit Bitcoin as the price approaches the $75,000 level again. He pointed directly at Michael Saylor’s cost basis, noting BTC is now trading close to it.
Schiff pointed out that the US dollar is weakening, while gold and silver are setting up for another move higher. His instruction to investors is to sell Bitcoin and rotate into precious metals.
This comes at a time when Bitcoin is trading near $74,000 after reclaiming momentum over the past week and skyrocketing 8% in the past week.
While Schiff calls for selling, Michael Saylor’s firm continues to buy. Strategy added 13,927 BTC worth $1 billion . The average purchase price was $71,902, below the firm’s overall cost basis of $75,577.
Total holdings now stand at 780,897 BTC, acquired for $59.02 billion. The firm is now less than 20,000 BTC away from the 800,000 mark.
The latest purchases were funded through the sale of 10 million STRC shares, raising about $1 billion. This marks one of the largest weekly issuances for the instrument. Despite this aggressive accumulation, the firm reported $14.46 billion in unrealized losses for Q1 2026.
At the same time, spot Bitcoin ETFs saw $786 million in inflows last week, adding further support to the price.
Bitcoin’s recent push toward $75,000 has not come from steady demand alone. Over the past 24 hours, 177,000 traders were liquidated, totaling $530 million. Around $425 million of that came from short positions.
Most of these liquidations happened within a 12-hour window, forcing rapid buy pressure and pushing prices higher. Some analysts argue this is not a clean breakout. The move is being driven by a short squeeze hitting resistance, not strong spot demand at higher levels.
Bitcoin briefly touched a four-week high near $75,000 before getting rejected and falling back toward $74,000.
Last week, Schiff discussed a scenario where by the end of 2026. This implies a drop of more than 90% from recent highs.
He added that even if Bitcoin remains one of the best-performing assets over a decade, most current holders would face heavy losses in such a move.
He also pointed to geopolitical risk, especially tensions involving Iran, as a factor that could pressure risk assets.
According to Schiff, markets are not fully pricing in worst-case scenarios. This disconnect adds uncertainty, which could hit Bitcoin harder than traditional assets.
