According to U.Today, Peter Schiff, a well-known critic of cryptocurrency, recently referred to silver as 'Bitcoin 2.0' on a social media platform. This statement was made following a more than 6% surge in the price of silver. In March, Bitcoin had surpassed the market cap of silver, reaching a new all-time high above the $73,000 level. This was largely due to the strong demand for Bitcoin exchange-traded funds (ETFs). However, Bitcoin's rally was short-lived. After briefly surpassing the $70,000 level, the leading cryptocurrency fell below the $65,000 level earlier this week due to macrofinancial headwinds and persistent spot ETF outflows.
Meanwhile, silver is nearing its annual peak of $26.14, although it is still a long way from its all-time high of $46.47, recorded on March 27, 2011. The price of gold has also increased by 1%, currently trading at $2,274 per ounce. In a separate social media post, Schiff reiterated his belief that the largest cryptocurrency by market cap has no value proposition. This sentiment mirrors the criticism of Better Markets CEO Dennis Kelleher, who earlier today described the crypto industry as lawless and useless on Bloomberg TV. Kelleher stated, 'They had 14 years to come up with a legitimate socially useful use for crypto and they have. Crypto is only useful for wild speculation, gambling, and it's the preferred financial product of criminals worldwide…This is not my opinion. These are the objective facts.'