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Economist Peter Schiff asked Bitcoin (CRYPTO: BTC) holders to sell some of their BTC following Tuesday’s rally and invest in silver instead.
In an X post, Schiff cheered silver’s new all-time high above $60 per ounce, following an almost 5% intraday rise.
“As I forecast, once silver took out the $50 long-term double top, it would be off to the races,” said Schiff, one of the most vocal advocates of precious metal assets.
Schiff also used the opportunity to poke fun at Bitcoiners, stating, “Today's 2% Bitcoin rally is a good opportunity to unload some fool's gold and buy silver!”
Bitcoin has trailed silver lately, shedding over 12% of its value in the last month. In contrast, spot silver has rallied 21% in the same period.
However, over five years, Bitcoin has significantly outpaced the precious metal, surging fivefold while silver has only gained 155%.
| Asset | Monthly Gains +/- | 1-Year Gains +/- | 5-Year Gains +/- | Price in USD (Recorded at 9:50 p.m. ET) |
| Bitcoin | -12.67% | -5.51% | +402% | $92,322.80 |
| Spot Silver | +21.16% | +91.98% | +155.71% | $61.2215/Troy Ounce |
Moreover, it required 3,030 ounces of silver to buy Bitcoin a year ago, which has since dropped to 1508.01 ounces. This means that Bitcoin’s value in silver has plummeted by more than 50%, while its dollar value has only fallen by 5.5%.
| Cryptocurrency | Value in Silver ounces (Recorded on Dec. 10, 2024) | Value in Silver ounces (Recorded at 9:50 p.m. ET) | Gains +/- |
| Bitcoin | 3,030.30 | 1508.01 | -51% |
Notably, silver has not only outperformed Bitcoin, but nearly every major asset class this year, including gold, the S&P 500 via Vanguard’s S&P 500 ETF (NYSE:VOO), the Nasdaq‑100 — via Invesco QQQ (NASDAQ:QQQ) and the long-term bonds tracked by the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT).
See Also: How to Invest in Silver
Schiff, a persistent critic of Bitcoin, stated last month that the leading cryptocurrency is beginning to behave like a “mirror image” of silver, suggesting that as silver prices rise, Bitcoin tends to crash.
He has consistently argued that Bitcoin lacks any utility beyond belief. Interestingly, Binance founder Changpeng Zhao said last week that Schiff is “too close” to accepting Bitcoin’s potential, despite being “stubborn.”
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Photo: Antonio Gravante On Shutterstock.com
