Peter Schiff Strikes Again, Says Silver Has More Realistic Upside Compared to Bitcoin

Popular Bitcoin critic Peter Schiff believes that not only gold but also silver has a better long-term growth prospect compared to BTC.

In his Friday tweet, he called silver a better alternative to gold than Bitcoin, arguing that those looking to diversify from gold should consider it instead of buying the largest cryptocurrency by market capitalization.

This comes as silver has outperformed Bitcoin since the start of the month. BTC is down slightly from its opening price of $104,648, while silver is up 8% in the same timeframe, rallying to a high of $37.30 before retracing in the past few days to $35.59 at the time of writing.

Silver: A Better Buy Than Bitcoin?

Citing this performance, Schiff stated that silver looks more bullish compared to Bitcoin. In his words, it has so much upside potential and minimal downsides. Notably, silver is down 3% in the past three days, while BTC has remained largely stable around its current price.

Nonetheless, Schiff argued that those seeking an alternative to gold should consider buying silver instead of Bitcoin. He seemed perturbed that people seem interested in acquiring Bitcoin when there is silver, which he deems a better buy.

“Silver has far more realistic upside potential than Bitcoin, with significantly less downside risk,” Schiff insisted, again citing Bitcoin’s volatility as a significant concern for investors. However, Michael Saylor offers a different definition for Bitcoin’s rapid price development, suggesting that it reflects its utility.

Recall that “Rich Dad Poor Dad” author Robert Kiyosaki made a similar comment earlier. In April, he noted that silver is more valuable than gold and Bitcoin, citing increased demand for the $2 trillion-capped precious metal.

Silver Has More Realistic Upside Potential?

Interestingly, Bitcoin has been in a class of its own in the past decade, outperforming gold, silver, and other major traditional assets. For instance, Bitcoin has surged over 42,000% from its price of around $250 ten years ago, while gold and silver have managed just 175% and 168%, respectively.

Additionally, while silver has outperformed Bitcoin over the past month, BTC has performed better year over year. The crypto leader has rallied 60%, while silver has increased by 23% in the same timeframe.

Moreover, Bitcoin also outranks silver among top assets by market cap despite being relatively newer. It ranks 7th with a market cap of $2.08 trillion, while silver has a valuation of $2 trillion and ranks 8th.

Furthermore, the institutional adoption of Bitcoin is also considered early, as skepticism around BTC continues to slowly dissipate. This has triggered debates that Bitcoin can easily run into millions of dollars per coin, a bullish sentiment moderately seen with silver.

Nonetheless, Kiyosaki sees silver and Bitcoin as complementary assets rather than rivals. He has persistently urged smart market users to buy gold and both assets, noting they are better than saving in “fake” fiat currency.

Schiff Sparks Community Reactions

As expected, Schiff’s Bitcoin troll drew the attention of the crypto community, which has readily defended its belief in BTC’s potential. For instance, one reaction mocked Schiff for parading “old-school” silver in a digital age, noting that, unlike the precious metal, Bitcoin disrupts economies and empowers individuals globally.

Meanwhile, another user noted that Schiff has been in the Bitcoin criticism game for over a decade, during which BTC has rallied from $10,000 to $100,000, while silver has barely reached its 2011 high. Notably, silver touched $49.50 in April 2011 and has not since retested that high.

Source