Following a period of exceptional volatility that has only been exacerbated by escalating geopolitical tensions, Bitcoin ($BTC) managed a surprise rally between March 3 and press time on March 4.
Indeed, after threatening a collapse to and under $60,000 less than a week earlier and failing to decisively break above $67,000 for weeks, the world’s premier cryptocurrency suddenly reclaimed $71,000.
The veteran investor and economist, Peter Schiff, however, does not see this turn of events as particularly bullish for Bitcoin. Specifically, he described the latest rally as ‘a head fake,’ while offering a simple course of action:
‘Don’t look a gift horse in the mouth. Sell your Bitcoin now and buy gold or silver. You can thank me later.’
Should investors dump Bitcoin after it reclaimed $71,000?
While Schiff is generally a precious metals bull and has been critical of Bitcoin and digital assets for over a decade, turning away from the exceedingly volatile cryptocurrency might indeed be a savvy move.
In recent trading, $BTC has been experiencing strong moves in either direction that appear largely affected by external events, with the ongoing war between the U.S., Israel, and Iran being the chief among them.
Under the circumstances, it is difficult to see Bitcoin’s latest rally above $70,000 as a sign of a protracted uptrend, especially as it itself appears driven by external and uncertain developments.
To be precise, President Donald Trump came out in vocal support of cryptocurrencies in the U.S., while pledging not to allow major banks to ‘derail’ the relevant regulation.
The tailwinds from the event were amplified by the fact that, ahead of the statement, the commander-in-chief met with Coinbase’s (NASDAQ: COIN) Brian Armstrong, and that, early on March 4, Kraken became the first digital assets exchange to gain access to the Federal Reserve’s (Fed) core payments system.
Why Bitcoin might still reclaim $100,000 in 2026
Elsewhere, the spotty short-term outlook does not necessarily mean a complete exit from Bitcoin is warranted. While the prevailing, highly fluid situation is bound to trigger market volatility, multiple prominent institutions have, since 2026 statted, come out as vocally bullish.
Bernstein, for example, all but dismissed the $BTC bear case and set its price target for late 2026 at $150,000. Similarly, while Standard Chartered lowered its 2026 Bitcoin price forecast, it, nonetheless, opted for a bullish $100,000 target.
Why gold and silver might crash in 2026
Elsewhere, it is doubtful if investing in Gold and Silver is the right move even if one decides to step away from cryptocurrencies. The two commodities have themselves seen such an explosion in value that it can be doubted whether their prices can remain at all stable.
Indeed, gold and silver have – much like many traditionally more volatile assets – seen substantial moves in both directions over the last trading week, and some top experts – such as Bloomberg’s Mike McGlone – believe the core bull case for the precious metals might be crumbling.
Lastly, highlighting the uncertainty of the situation, though the more traditional financial institutions are optimistic about Bitcoin, many veterans of the cryptocurrency market believe Bitcoin is headed toward a cycle bottom that could be far lower than the recent lows.
The hoped-for legal framework for digital assets could also trigger unexpected headwinds, as the January confrontation between Charles Hoskinson, Brad Garlinghouse, and Armstrong demonstrated that the contents of any proposed and passed bill could prove contentious.
Featured image via Shutterstock
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