Economist and Bitcoin critic Peter Schiff has once again expressed his views, urging investors to sell Bitcoin and turn to silver in light of its recent growth.
Schiff's Comments
On July 10, Peter Schiff posted on X, urging BTC holders to sell part of their assets and switch to silver, predicting its rise. He noted: > "With Bitcoin hitting new highs today (in dollars), it’s a great time to sell some and buy silver ahead of silver’s next big leg up." Schiff also presented arguments for silver's stability compared to Bitcoin, which he considers overvalued.
Crypto Community Response
The cryptocurrency community responded to Schiff's comments largely with skepticism. Many users on X stated they have no intention of parting with their Bitcoin, pointing out that the cryptocurrency has shown significantly better performance compared to silver. One user expressed the sentiment that Schiff's opinion shifted from "Bitcoin will never hit 100k" to "even if Bitcoin keeps rising for a while...".
Context and Warnings
This is not the first time Peter Schiff has voiced negative opinions about Bitcoin. Previously, he advised selling BTC in favor of gold mining stocks, citing the risks associated with cryptocurrencies. Schiff often calls Bitcoin a speculative asset with no intrinsic value, arguing that its collapse is inevitable in the event of a major economic crisis.
While Peter Schiff continues to warn investors against investing in Bitcoin, the general sentiment in the crypto community remains positive, and Bitcoin continues to show growth amid active market interest.
