Peter Schiff, a well-known critic of Bitcoin and gold advocate, said that the latest BTC rally may be a selling opportunity for investors to buy silver instead . In a Thursday X post, Schiff said that “with Bitcoin hitting new highs today (in dollars), it's a great time to sell some and buy silver ahead of silver's next big leg up,” . He claimed that silver has more upside potential than Bitcoin and added that while BTC “can easily crash, silver's downside seems very limited” .
Schiff's statements come as Bitcoin continued its rally early Friday, hitting a record $118,239 . The cryptocurrency has rallied for two days, surpassing levels of $113,000 and $115,000 in less than 24 hours . After hitting another all-time high, the price of Bitcoin is around at $117,820, rising 5.8% . According to data from analysis firm Coinmarketcap, the value of the global cryptocurrency market, including Bitcoin, rose approximately 5.92% over 24 hours, reaching $3.67 trillion . The price of Bitcoin, the largest cryptocurrency by market capitalization, is up almost 26% since the start of this year .
Schiff, a prominent advocate for precious metals, believes that silver offers a more stable and undervalued alternative to Bitcoin . He argues that while Bitcoin's price is speculative and overextended, silver is trading at a more reasonable level and has the potential for significant upward movement . In a post on X, Schiff urged Bitcoin holders to cash in their holdings and invest in silver ahead of its next big price increase . He noted that silver mining stocks remain underpriced despite recent upward movements, suggesting that the market has not yet fully recognized their potential . Schiff predicts that once silver breaks past the $40 level, it could quickly accelerate towards $50, with mining stocks following suit .
Despite Schiff's warnings, Bitcoin remains ahead of silver in terms of market value . It currently ranks sixth among global assets with a market cap of $2.20 trillion, just ahead of Google, while silver comes in at $2.007 trillion . The digital asset's price has continued to rally, driven by strong ETF inflows, growing corporate adoption by crypto-focused treasury firms, and an increasingly supportive regulatory environment .
The crypto community, however, remains unconvinced by Schiff's latest commentary . Many supporters of Bitcoin have responded to his post, asserting that they will not dispose of their Bitcoin for silver . Some have pointed out the apparent folly of his previous remarks, highlighting how Bitcoin has outperformed silver . Schiff has a history of criticizing Bitcoin, often calling it a risky and speculative asset without intrinsic value .