While bitcoin is yet to fully break out and is trading circa 50% below its all-time high of $20,000, silver has rocketed to a record high. Euro Pacific chief Peter Schiff who has always drawn comparisons between bitcoin and his beloved yellow metal, gold, took to Twitter today to mock the top crypto over its inability to rally strongly like silver. Schiff referred to silver as the new bitcoin.
Bitcoin And Silver
Peter Schiff’s views on the OG crypto are quite fascinating. He riled up Crypto Twitter hours ago after comparing silver to bitcoin. The gold bug noted that silver has rallied 13% while bitcoin “is barely 2% up” after a long period of low-volatility trading. At the time of tweeting this, silver had jumped over 7 percent to a six-year high of $21.15 per ounce. Bitcoin, on the other hand, has stalled at $9,300 after briefly breaking through $9,400 on Tuesday.
Schiff then stated that silver is now the “new bitcoin” but with “direct utility”. He then followed with a provocative comment that bitcoin enthusiasts that are waiting for the king crypto to “moon” are backing up the wrong tree as silver is the asset to be looking into for exponential returns.
Crypto Twitter begged to differ with Schiff, one user pointed out that bitcoin has in fact risen 1800% since 2014 while silver plummeted and has now retested its 2014 high.
Another one told Schiff:
“It’s taken gold and silver almost a decade to move the same amount Bitcoin normally would do in a monthly range. Don’t let the facts get in the way eh Peter.”
“The Slowest Horse In The Race”
Schiff’s animosity towards bitcoin has not started today. Notably, he is always taking unnecessary jabs against the cryptocurrency. Just yesterday, Schiff called bitcoin the “slowest horse”, even tagging legendary hedge fund manager Paul Tudor Jones.
You might recall, Paul Tudor Jones allocated 2% of his portfolio to bitcoin earlier this year to hedge against central bank-fueled inflation. The billionaire referred to bitcoin as “the fastest horse” for anyone looking to maximize profits.
According to Schiff, Tudor was wrong for hedging his bets with bitcoin which is “the slowest horse in the race”. He further posited that bitcoin will not even finish the race, and Tudor will be better off in the future if he swaps his BTC holdings for silver, gold, and mining stocks.
Worth mentioning that bitcoin has rallied more than 30% on a yearly basis, beating precious metals including silver which has only gained 14%. The benchmark crypto is building a strong case as silver 2.0 — or perhaps the new gold.