Bitcoin, Oil, Gold Rally: Peter Schiff Questions Fed's Credibility, Says 'Investors Are Choosing Their Preferred Hedge'

• Gold reached $4,600 an ounce, and silver approached $70.

• Bitcoin briefly climbed above $79,000 before giving back some of its gains.

• Schiff's comments followed a volatile week in which the Treasury said it would at least double the size of some longer-dated bond buybacks.

Gold bull and longtime Bitcoin critic Peter Schiff said Friday that the simultaneous rally in gold, silver, oil and Bitcoin (BTC) reflects a broader loss of confidence in the Federal Reserve's commitment to returning inflation to its 2% target.

"Gold hitting $4,600, silver near $70, oil over $87, and Bitcoin's earlier spike above $79K show the Fed has lost all credibility on its commitment to returning inflation to 2%," Schiff wrote in a post on X. "Treasury made it clear the Fed will choose inflation, so investors are choosing their preferred hedge."

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Bitcoin's price gained 7.3% in the last 24 hours, trading at around $77,200 after paring gains from an intra-day high of over $79,000. 

The apex cryptocurrency was the top-trending ticker on Stocktwits at the time of writing, alongside BTC Treasury Strategy (MSTR).