Schiff on Milk Road: Gold, Not Bitcoin, Will Protect You

In his recent interview on the Milk Road Show, Peter walks through why Bitcoin looks weaker when priced in gold, how insiders and political hype have distorted crypto markets, and why the Federal Reserve’s moves have not been nearly restrictive enough. He closes by urging listeners to own gold and other commodity exposures as the economy drifts toward a harsher form of stagflation.

He opens by reframing the Bitcoin story around a true monetary yardstick — gold — and says that once you stop idolizing price-in-dollars you see a much different trend in crypto markets:

But you know, Bitcoin really peaked out in November of 2021 priced in gold. And that’s how I like to look at it, especially since Bitcoin, you know, is being marketed as a digital version of gold, even though I take a lot of issue with that comparison. But that’s how it’s marketed. That’s the meme associated with Bitcoin. And so if you price Bitcoin in gold, it’s actually in a bear market.

Peter follows that up by alleging the crypto boom was amplified by insider behavior and political favoritism, and he suggests much of the upside was engineered so insiders could exit into retail demand: