Schiff notes that silver’s 21% rise since April dwarfs Bitcoin’s 2% gain.
Bitcoin advocates, however, argue that Schiff cherry-picks facts from the near term.
Despite Bitcoin’s recent surge to new all-time highs, renowned financial analyst Peter Schiff has once again shook up the cryptocurrency market by claiming the cryptocurrency is ‘dead’. In his most recent comments, Schiff, who is typically pessimistic about cryptocurrency, focused on the recent performance of bitcoin relative to silver, drawing attention to the striking difference between the two.
Schiff notes that silver’s 21% rise since April dwarfs Bitcoin’s 2% gain. This underperformance, he says, is the last straw that will cause Bitcoin to collapse.
Cherry-Picks Facts
Bitcoin advocates, however, argue that Schiff cherry-picks facts from the near term to back his claims. Compared to silver’s more moderate 14.46% rise so far this year, Bitcoin’s spike of over 60% is striking. Proponents of both digital currency and more conventional assets continue to argue about this contradiction.
Schiff went on to explain his position by saying he is worried about the marketing of Bitcoin as a digital gold substitute. To save prospective investors from committing what he perceives as a serious mistake, he plans to clear up what he thinks is a misunderstanding.
If Bitcoin proponents would only quit comparing it to gold, Schiff says he would feel less need to openly oppose it. Schiff insists that his criticisms are based on a sincere concern for the welfare of investors, despite claims that he is seeking exposure. He stresses that he would prefer to remain honest than seek interaction by praising Bitcoin.
But seasoned trader Peter Brandt says everyone should ignore Schiff’s negative predictions for Bitcoin. Brandt claims that Schiff is trying to deflect attention away from Bitcoin’s achievements by using his position to highlight silver’s performance.
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