Peter Schiff Calls Bitcoin Rebound 'Good Opportunity' To Sell 'Fool's Gold' As BTC Craters More Than 50% Against Silver Over A Year

Benzinga_recent_news12-10

Economist Peter Schiff asked Bitcoin (CRYPTO: BTC) holders to sell some of their BTC following Tuesday’s rally and invest in silver instead. In an X post, Schiff cheered silver’s new all-time high ...

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In contrast, spot silver has rallied 21% in the same period.\nHowever, over five years, Bitcoin has significantly outpaced the precious metal, surging fivefold while silver has only gained 155%.\nMoreover, it required 3,030 ounces of silver to buy Bitcoin a year ago, which has since dropped to 1508.01 ounces. This means that Bitcoin’s value in silver has plummeted by more than 50%, while its dollar value has only fallen by 5.5%.\nNotably, silver has not only outperformed Bitcoin, but nearly every major asset class this year, including gold, the S&P 500 via Vanguard’s S&P 500 ETF (NYSE:VOO), the Nasdaq‑100 — via Invesco QQQ (NASDAQ:QQQ) and the long-term bonds tracked by the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT).\nSee Also: How to Invest in Silver\nSchiff, a persistent critic of Bitcoin, stated last month that the leading cryptocurrency is beginning to behave like a “mirror image” of silver, suggesting that as silver prices rise, Bitcoin tends to crash.\nHe has consistently argued that Bitcoin lacks any utility beyond belief. Interestingly, Binance founder Changpeng Zhao said last week that Schiff is “too close” to accepting Bitcoin’s potential, despite being “stubborn.”\nRead Next: \nPhoto: Antonio Gravante On Shutterstock.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.12","shortVersion":"4.35.12","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2590637784","isCrawlerRequest":true}