Financial expert Peter Schiff recently claimed that Bitcoin is 'dead', citing its underperformance against silver. Schiff, known for his negative views on cryptocurrencies, pointed out that Bitcoin's 2% gain since April is much lower than silver's 21% increase. However, Bitcoin supporters argue that Schiff cherry-picks short-term data, noting that Bitcoin has surged nearly 60% over the year, while silver has only gained 14.46%. Schiff also criticized the idea of Bitcoin as a digital equivalent to gold.

Veteran trader Peter Brandt counters Schiff's views, advising the public to ignore his pessimistic stance on Bitcoin. Brandt believes Schiff uses his platform to divert attention from Bitcoin's successes. Schiff, a long-time gold advocate, recently focused on silver, declaring, "Bitcoin is dead. Long live silver!" Brandt wasn't convinced, suggesting Schiff's comments were for attention.

The debate extends to whether Bitcoin is a hedge against inflation. Recent outflows from Bitcoin ETFs cast doubt on this theory, with investors pulling over $230 million from major Bitcoin Trusts in just over a week. Schiff remains skeptical, arguing that Bitcoin's slow transaction speeds and high fees make it impractical as a daily-use currency. The debate between Bitcoin enthusiasts and skeptics like Schiff continues as the digital asset landscape evolves.