Bitcoin has reached a new record, surpassing $118,000, which drew criticism from Peter Schiff, a well-known opponent of cryptocurrencies. In response, Mike Novogratz, a Bitcoin supporter, spoke out.
Peter Schiff's Position
Peter Schiff, a strong proponent of gold and silver, has been skeptical about Bitcoin for over a decade. He claims that cryptocurrency has no real value and dubs it 'digital fool's gold.' In a recent post on X, Schiff advised investors to sell Bitcoin and buy silver instead, arguing that the latter has more growth potential.
Mike Novogratz's Response
Mike Novogratz, CEO of Galaxy Digital, quickly responded to Schiff's comments, criticizing him for ignoring Bitcoin's growth. He emphasizes that despite Schiff's warnings, Bitcoin continues to rise in price and popularity, becoming a global financial asset with a market value exceeding $2.2 trillion.
Market Prospects
Schiff insists that his stance will not change unless Bitcoin replaces all fiat money. Meanwhile, Bitcoin supporters like Novogratz urge Schiff to look at the facts and accept the reality where Bitcoin is increasingly recognized.
The exchange between Peter Schiff and Mike Novogratz illustrates the deep divisions regarding Bitcoin's value compared to other assets like silver. While Schiff continues to caution about risks, Bitcoin persists in gaining popularity and attracting global investor interest.
