Bitcoin Crashes Below $59K As Silver Takes Surge Past $31

Peter Schiff, a long-time critic of Bitcoin (BTC), has once again voiced his skepticism. Taking to X (formerly Twitter), Schiff contrasted Bitcoin’s performance with silver’s recent surge. As BTC hovered around $58,000, with most cryptocurrencies trading sideways, silver rose above $31. Schiff, the Chief Economist at Europac, used the opportunity to highlight his long-standing belief that BTC cannot compete with precious metals.

Schiff pointed out that while Bitcoin struggles to hold its value, silver surpassed a major milestone. He also emphasized that BTC is neither digital gold nor digital silver. His critique came as gold reached new highs, trading above $2,586, reinforcing Schiff’s claim that BTC’s decline is part of a broader economic trend. He predicted that BTC could slip further below $58,000 as the economic landscape shifts.

Economic Warnings Beyond Bitcoin

Schiff didn’t limit his analysis to Bitcoin. He suggested that the broader economy may be nearing a peak, warning that factors such as inflation, unemployment, and interest rates could push investors toward assets like gold. He projected that gold could continue rising, even as other markets, like equities and oil, may falter.

Inflation in the U.S. hit 3.2%, and unemployment remained steady at 3.8%, adding weight to Schiff’s argument. The Fed’s interest rate hike to 5.5% is another reason Schiff believes BTC may struggle, while gold and silver thrive.

In a separate critique, Schiff accused mainstream media, like CNBC, of downplaying gold’s achievements. According to him, if BTC had set new all-time highs, media coverage would be extensive. Yet, gold’s record-breaking rise has been largely ignored.

He also criticized Michael Saylor’s MicroStrategy for its heavy reliance on Bitcoin, warning it could lead to the company’s downfall despite current gains. Schiff sees this reliance as risky, given BTC’s volatility and its uncertain future in an increasingly shaky economy.

Schiff remains firm in his belief that precious metals, not Bitcoin, are the true safe havens during economic downturns.