Economist and perennial Bitcoin skeptic Peter Schiff is back with his favorite message: sell your Bitcoin (BTC) and buy gold. This time, he's targeting what he calls a "Venezuela-inspired" rally that's pushed Bitcoin above $94,500.

The Venezuela Effect

In a post on X, Schiff argued that the recent Bitcoin surge isn't the bullish signal traders think it is. Instead, he characterized it as nothing more than a "pumper" narrative designed to attract buyers.

"Don't believe the hype. Just take advantage of the rally to sell and use the proceeds to buy real gold instead," Schiff wrote, staying true to his precious metals advocacy.

Performance Showdown

Both Bitcoin and gold have posted strong gains early in the new year, but their longer-term trajectories tell different stories. Bitcoin is up more than 5% since U.S. military operations in Venezuela began Friday night, bringing year-to-date gains to about 5.77%. Over the past year, however, the cryptocurrency has declined roughly 5%.

Gold, meanwhile, has climbed nearly 70% over the past year and is up 3.41% year-to-date, currently trading around $4,457 per ounce. Bitcoin was trading at approximately $93,723 at the time of Schiff's comments.

The Bigger Picture

Schiff's latest commentary comes after he declared the cryptocurrency "mania" officially over earlier this week. According to the precious metals advocate, institutional attention has shifted away from digital assets toward physical ones.

He believes investors are abandoning speculative crypto positions in favor of tangible safe havens like gold, setting the stage for what he predicts will be "the biggest precious metals bull market in history."

Whether Bitcoin's Venezuela-related bounce has legs or fizzles out remains to be seen. But if you're looking for Schiff's take, it's the same as always: the shiny yellow metal wins.