Investor and gold advocate Peter Schiff believes that the recent Bitcoin rally is a deliberate distraction from the dramatic surge in gold prices. As the U.S. dollar index (DXY) drops to its lowest level in three years, Schiff argues that investors are being diverted away from real safe-haven assets like gold.
U.S. Dollar Hits Three-Year Low
According to TradingView, the DXY, which tracks the strength of the U.S. dollar against a basket of six major currencies, fell to 98.23 — a level not seen since March 2022. Since the beginning of the year, the dollar index has dropped more than 10%, pressured by escalating global tariff tensions tied to policies announced by former president Donald Trump.
Gold Outperforms as Investors Seek Shelter
As the dollar falls, gold has surged to new all-time highs, reaching $3,380 per ounce. This marks a 29% gain year-to-date. Investors, faced with macroeconomic uncertainty, are increasingly shifting into gold as a trusted store of value.
“This is already serious,” Schiff commented. “Dollar weakness is exposing systemic vulnerabilities. The focus should be on gold, not digital speculation.”
Bitcoin’s Rise: Market Signal or Manipulation?
While traditional safe-havens like gold surge, Bitcoin climbed 3.6% in a single day, regaining its four-week high at $87,550. Schiff maintains that the move is exaggerated and media-driven.
He believes the Bitcoin rally serves as a headline-friendly distraction from underlying macro trends. According to him, institutional players and tech-driven narratives push retail investors away from physical stores of value.
