Not Gold This Time: Peter Schiff Declares Silver as “The New Bitcoin”

Peter Schiff, a famous gold bug and self-proclaimed hater of Bitcoin, who has always seen reasons to acknowledge Gold in criticism of Bitcoin, has chosen today to compare Silver with Bitcoin this time, saying “Silver is the New Bitcoin.”

According to Schiff, Bitcoin bugs that are dreaming of Bitcoin getting to the moon are actually on the wrong choice of the asset, as Silver seems to be the right asset to make that dream a reality. 

The backup behind his proclaimed debate is because, as of today, Silver is up more than 13%; meanwhile, Bitcoin is barely 2% up after several weeks of incredibly low volatility. Schiff took to Twitter saying,

“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.”

Many responses to this tweet proved contrary to Schiff’s opinion. One of the replies said he was wasting willful dishonesty as a used gold salesman and advised him to consider running for a political office since politics is a game of dishonesty.

In other words, Schiff’s opinion is declared false since, in reality, Bitcoin is up 30% on the Year-to-date chart, while Silver has only gained 14.3%.

Peter Schiff Keeps Growing Hatred For Bitcoin

Peter Schiff’s hatred for Bitcoin seems to be unending, as such more of his criticism for Bitcoin is expected. Schiff’s hatred for Bitcoin had only doubled up when he lost all the Bitcoins he ever had in January 2020.

According to what was later confirmed as a lack of knowledge about how Bitcoin works, Schiff’s Bitcoin wallet got corrupt for some reason, and his password became invalid. Thus, he was unable to access all the Bitcoin he has ever owned. He therefore concluded that “owning Bitcoin in the first place was a bad idea.”