Peter Schiff, the chief economist of Euro Pacific Asset Management, a firm that has long opposed Bitcoin, believes that besides gold, silver's long-term upward prospects also surpass those of Bitcoin.
Schiff stated earlier today (the 20th) on platform X:
"Currently, the upside potential for silver is very large, while the downside risk is very small. If someone is looking for an alternative to gold, it makes no sense to buy Bitcoin when silver is available for purchase. The upside potential of silver is more promising than that of Bitcoin, and the downside risk is also noticeably lower."
These remarks came against the backdrop of silver's performance surpassing that of Bitcoin since the beginning of this month. The price of Bitcoin has dropped from around $104,648 on June 1 to its current price of $105,850, with an increase of about 1%. In contrast, silver has risen approximately 8% during the same period, once reaching $37.3. However, it has recently seen a slight pullback, with a trading price of $36 before this article was published.
Community response
As expected, Schiff's criticism of Bitcoin has once again drawn the attention of the cryptocurrency community, with many supporters defending Bitcoin's potential. For instance, one X user mocked Schiff by saying, "Are you still advocating for old-school silver in the digital age? While silver gathers dust, Bitcoin is disrupting the global economy and empowering individuals."
At the same time, another X user pointed out that Schiff has criticized Bitcoin for years, but during this time, Bitcoin has risen from $10,000 to $100,000, while silver has yet to return to its 2011 high.
Recently, Schiff is not the only one optimistic about silver's performance. Robert Kiyosaki, the author of the bestselling book (Rich Dad Poor Dad), expressed similar views in April this year. He believed that silver is more valuable than gold and Bitcoin and pointed out that demand for this precious metal, with a market value of two trillion dollars, is rising, with applications in solar panels, electric vehicles, computers, various electronic products, weapon systems, medical technology, and water purification technology.
Robert Kiyosaki added that the supply of gold and Bitcoin will not decrease, but the supply of silver is decreasing, and silver is the cheapest compared to these two assets. Additionally, he pointed out that silver has significant practical value, but its price has been suppressed for a long time, allowing the industry to acquire silver at an affordable price. He then predicted:
"I believe that the price manipulation of silver has ended, and I strongly believe that the price of silver will surge to an all-time high... potentially doubling by 2025 to reach $70 per ounce."
Nevertheless, Robert Kiyosaki has long viewed gold, silver, and Bitcoin as complementary assets rather than competing against each other, continually urging his followers in the community to buy these assets.
Past performance comparison
Bitcoin's performance over the past decade has far surpassed that of gold, silver, and other major traditional assets. For example, Bitcoin has skyrocketed over 42,000% from around $250 ten years ago, while gold and silver's increases during the same period were only 175% and 168%, respectively. However, in terms of performance from the beginning of this year to date, silver's increase has outperformed Bitcoin but slightly lagged behind gold.
According to data from Infinite Market Cap, Bitcoin currently has a market capitalization of $2.1 trillion, making it the seventh-largest asset in the world, surpassing silver, which ranks eighth (with a market cap of $2.03 trillion).
This content is for informational reference only and does not represent the stance of this site or investment advice. Readers must evaluate it carefully on their own.
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