- Silver and gold prices are rising due to market volatility, reflecting renewed investor interest.
- Schiff criticizes Bitcoin ETFs and highlights doubts about Bitcoin’s fundamental value.
The largest cryptocurrency, Bitcoin [BTC], currently trading at $66,000, once rose above $70,000 and made history by surpassing the previous all-time high. This bullish rally saw Bitcoin surpass silver’s market cap and become the eighth most valuable asset globally in March.
However, according to the latest market developments, silver saw a remarkable increase of 4% on April 3, indicating a positive movement in its value. Despite this increase, Silver was still far from the previous high of $46.47. In contrast, Bitcoin, the largest cryptocurrency, faced a significant 6% drop as soon as the clock struck midnight.
Making the same comment on this, Peter Schiffone Bitcoin critic noted:
“Silver is the new Bitcoin. It is Bitcoin 2.0.”
Renewed interest in gold and silver
Along with silver, gold also witnessed a 1% rise on April 3, currently trading at $2,274 per ounce. The increase underlined investors’ renewed interest in traditional assets, especially precious metals, amid market volatility.
While Bitcoin maximalists viewed Bitcoin spot exchange-traded funds (ETFs) as a catalyst for Bitcoin’s price rise, Schiff raised concerns about the growing popularity of Bitcoin ETFs, suggesting that their increasing adoption could inadvertently benefit central banks and large governments.
Additionally, Schiff warned that Bitcoin ETFs could shift investors’ attention away from gold, a traditional safe haven. He continues added,
“It is impossible to overlook Bitcoin’s value proposition because it has no value.”
This underlines his emphasis on the complexity of how digital assets influence traditional markets.
Bitcoin vs Precious Metals
Schiff’s continued doubts about digital assets and his belief that Bitcoin lacks fundamental value was further highlighted on April 2, when Bitcoin fell $3,000 to $66,000 due to improved US production, impacting its risk-on-asset status .
In response to Bitcoin’s decline, Peter Schiff criticized the cryptocurrency, highlighting its rapid decline compared to gold’s relatively stable performance.
This debate therefore has significant implications for investors, central banks and the broader stability of the global financial system.