Peter Schiff says Silver is the new bitcoin after the precious metal increased more than 90% since the crash seen in mid-March, as we are reading more in the Bitcoin news today.
The popular economist and gold supporter, Peter Schiff says silver increased more than 90% and that the metal is the new bitcoin thanks to its potential. Bitcoin on the other hand has been quite stable as the price gained about 2% which was the most action that the leading crypto asset saw in quite a bit of time.
Schiff said that he agrees with the United States Federal Reserve which puts bitcoin in the same category as fiat in contrast to gold. He also said that once trust in both fiat and Bitcoin is gone, people will turn to gold once again. Now, he compared silver with the leading cryptocurrency in light of the recent gains. The price of the silver is up by almost 90% since the crash back in March when he said:
“Silver is up more than 13% so far today, while Bitcoin is barely up 2%. Silver is the new Bitcoin, except with direct utility. So while Bitcoin bugs are dreaming about Bitcoin going to the moon, they are missing the real-life moonshot in silver.”
While it’s true that the silver prices are increasing, there’s one little thing that Schiff is missing out-everything is increasing as well! What he needs to realize is that comparison is nothing but nitpicking or maybe he is so certain in gold and silver that he completely misses out on what will happen with the entire crypto and traditional markets. Every single index is marking huge increases since the March crash including the Dow Jones Industrial Average, the S&P500 while the Nasdaq Composite and Nasdaq 100 are marking fresh all-time highs.
If we put all of this aside, looking at the returns that Bitcoin gave to the investors at the same time, it increased by more than 155% since the March crash which is twice as much as the silver. Silver is arguably the next Bitcoin because it cannot be compared in terms of the price increase as it doesn’t even come close. Schiff has been a long-time supporter of gold and known to not really like Bitcoin, which doesn’t come as surprise why he would prefer other precious metal such as the silver.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]