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Peter Schiff, a long-time critic of Bitcoin, has again taken to the X platform to voice his views on the contrasting performance of Bitcoin and silver.
His remarks came as Bitcoin fluctuated around the $58,000 mark, with crypto markets showing little movement as most coins traded sideways. Schiff used this opportunity to draw attention to silver’s rise above $31, highlighting his ongoing skepticism about Bitcoin’s comparison to precious metals.
Schiff’s comments on Bitcoin’s potential downturn were met with widespread attention, particularly as he linked the current market conditions to a broader economic picture. He stated that while Bitcoin failed to maintain its value, silver had surpassed a significant milestone.
Silver just broke above $31 as #Bitcoin broke below $59K. Not only is Bitcoin not digital #gold, it's not even digital #silver.
— Peter Schiff (@PeterSchiff) September 15, 2024
Schiff, who serves as the Chief Economist & Global Strategist at Europac, emphasized that Bitcoin is neither digital gold nor even digital silver, especially as gold reached new highs. Gold’s price, above $2,586 as at Schiff’s post, further fueled his belief that Bitcoin’s decline is part of a larger trend, and he projected that Bitcoin could fall even further below $58,000.
Economic Warnings and Market Predictions
Schiff’s opinions were not limited to Bitcoin and silver. In response to ongoing questions regarding market trends, the market commentator argued that the broader economic landscape appears to be reaching a peak.
Schiff also voiced his belief that gold could continue to rise even if other markets, such as equities and oil, do not follow suit. This is particularly notable as inflation, unemployment, and interest rates remain prominent concerns in the U.S., causing many to seek refuge in assets like gold.
Notably, in a separate post, Schiff maintained his stance that these factors will impact Bitcoin negatively, and that gold is the true safe haven in such economic conditions.
Friday the 13th is a lucky day for #gold investors, with gold trading above $2,573. In contrast, #Bitcoin speculators are out of luck, as are Americans in general. Record gold prices are a harbinger of higher #inflation, unemployment, & long-term interest rates, plus #recession.
— Peter Schiff (@PeterSchiff) September 13, 2024
Complains on Media Coverage
Schiff has also been critical of the lack of mainstream media coverage surrounding gold’s performance. He recently expressed disappointment in outlets such as CNBC for overlooking gold’s record-breaking movements.
According to Schiff, if Bitcoin had reached new all-time highs, media attention would be widespread, whereas gold’s achievements have been largely ignored. He viewed this oversight as a bullish indicator for gold, pointing to the disparity in media interest between the two assets.
In addition, Schiff has previously criticized MicroStrategy’s Bitcoin-centric strategy, especially following a post by the company’s CEO, Michael Saylor. Schiff warned that MicroStrategy’s reliance on Bitcoin could eventually lead to its downfall, despite its current gains.