Peter Schiff Proclaims Bitcoin ‘Dead’ Despite High Trading Levels

Renowned financial expert Peter Schiff has once again stirred the cryptocurrency market by declaring Bitcoin (BTC) ‘dead,’ even as it trades near record highs. Schiff, known for his bearish views on cryptocurrencies, based his latest remarks on BTC’s recent performance against silver, highlighting a stark contrast.

Peter Schiff Critiques Bitcoin’s Comparison to Gold

Schiff points out that since April, Bitcoin’s gain of 2% pales in comparison to silver’s 21% increase. He argues that this underperformance is a sign of Bitcoin’s impending demise. Meanwhile, Bitcoin proponents counter that Schiff selectively uses short-term data to support his narrative. Over the year, BTC has surged by nearly 60%, whereas silver has a more modest year-to-date gain of 14.46%. This juxtaposition fuels ongoing debates between supporters of traditional assets and digital currencies.

Further elaborating his stance, Schiff expressed concerns that Bitcoin is often marketed as a digital equivalent to gold. He stated that he aims to correct what he sees as a misconception to prevent potential investors from making what he considers a grave error.

Schiff argues that if Bitcoin enthusiasts stop likening it to gold, he would no longer feel compelled to criticize it so publicly. Despite accusations of seeking publicity, Schiff maintains that his critiques stem from a genuine concern for investor welfare, emphasizing that he would rather maintain his integrity than seek engagement through praise of BTC.

Peter Brandt Counters Schiff’s BTC Skepticism

In contrast, veteran trader Peter Brandt suggests the public should disregard Schiff’s pessimistic views on Bitcoin. Brandt accuses Schiff of leveraging his platform to emphasize silver’s performance, which he believes is an attempt to divert attention from Bitcoin’s successes. 

Brandt posits that despite his criticisms, Schiff recognizes the value of cryptocurrencies but shows a preference for promoting silver, a market he is traditionally more aligned with. Meanwhile, Schiff continues to warn investors about the risks of Bitcoin, labeling it as speculative and devoid of intrinsic value.

Also Read: Bitcoin Maxi Spotlights 5 Reasons Why BTC Will Hit $70K Next Week