Peter Schiff on Silver and Bitcoin
Peter Schiff, one of the most notorious cryptocurrency critics, has taken to the X social media platform to refer to silver as “Bitcoin 2.0.” He stated, “Silver is the new Bitcoin. It’s Bitcoin 2.0.”
Silver Surges Over 6%
The price of silver surged by more than 6% earlier today.
Bitcoin’s Market Cap Surpasses Silver
Bitcoin managed to surpass the market cap of silver in March, reaching a new all-time high above $73,000. This was attributed to the strong demand for Bitcoin exchange-traded funds (ETFs).
Bitcoin’s Recent Performance
Despite briefly reclaiming the $70,000 level, Bitcoin plunged below $65,000 due to macrofinancial headwinds and persistent spot ETF outflows.
Meanwhile, silver is close to reclaiming its annual peak of $26.14, but still far from its all-time high of $46.47 set on March 27, 2011. Gold is also up 1%, currently trading at $2,274 per ounce.
No Value Proposition for Bitcoin?
In a separate post on the X social media network, Schiff reiterated that Bitcoin, the largest cryptocurrency by market cap, had no value proposition.
This sentiment aligns with Better Markets CEO Dennis Kelleher’s recent criticism of crypto as a lawless and useless industry. Kelleher stated on Bloomberg TV that “Crypto is only useful for wild speculation, gambling, and it’s the preferred financial product of criminals worldwide. These are the objective facts.”
