Peter Schiff, a well-known financial expert and gold investment advocate, has declared bitcoin a "dead cryptocurrency" despite it trading above $66,000.
Peter Schiff is known for his bearish views on the cryptocurrency market. In his opinion, bitcoin has not long left to be "on top", but this time the investor compared the first cryptocurrency not with gold, but with silver. Peter Schiff noted that since April, the growth of bitcoin rate is 2%, and this is too "pale" compared to the growth of silver by 21%. The expert stated: such a low result of bitcoin is a sign of the imminent death of the cryptocurrency.
Silver now has a market capitalization of $1.83 trillion, which is $500 billion more than bitcoin's market capitalization ($1.31 trillion). This means bitcoin would have to grow 40% to reach $93,000 and catch up with silver.
In the comments, bitcoin supporters objected to Peter Schiff suggesting that he may be selectively using short-term data to support his arguments against bitcoin. Over the year, BTC has grown by almost 60%, while silver has had a more modest performance: since the beginning of the year, the precious metal has grown by 14.46%.
Peter Schiff is concerned that bitcoin is often positioned as the digital equivalent of gold. As the economist explained, with his negative comments, he seeks to correct what he considers a misconception and prevent potential investors from making the serious mistake of investing in bitcoin.
P.S. Peter Schiff predicted the 2008 financial crisis 🤔
