Not Bitcoin, But Silver Is The New Gold 2.0 Says Bitcoin Critic Peter Schiff

by

In the face of increasing geopolitical conflicts between Israel and Iran, causing tensions to rise, Bitcoin and the cryptocurrency market experienced a setback. The price of Bitcoin dropped below $60,000 for the second time this week. Fear is back in the markets as investors shift their funds towards safer assets such as Gold, Bonds, and the US Dollar. Critic Peter Schiff seized the moment to criticize Bitcoin, labeling it no longer a digital version of Gold.

Bitcoin Is Not Gold 2.0

After news broke about explosions in Central Iran and Israeli air raids in Iraq and Syria, financial markets saw considerable turmoil. The Dow Jones Industrial Average took a nose dive, while oil prices spiked due to heightened geopolitical tension. It is important to note that the price of gold quickly rose by 1.6%, hitting $2,416, underscoring its role as a secure investment during times of geopolitical instability. Conversely, Bitcoin suffered a steep decline of 4% and fell to $61K, illustrating its vulnerability to volatility during such uncertain periods.

When gold set a new price peak, silver followed suit with significant advancements, rising by 1.75%. Notably, silver’s growth surpassed gold’s, offering investors an attractive and less turbulent investment opportunity during market instability.

Gold has reached a fresh new peak in price, and silver is even performing better with a gain of 1.75%. For those looking for a gold-like investment, consider silver instead. The hype surrounding Bitcoin seems to have passed.

— Peter Schiff (@PeterSchiff) April 19, 2024

Peter Schiff, a critic of Bitcoin, pointed out that the latest market instability serves as a reminder of gold’s enduring worth in contrast to Bitcoin’s perceived volatility. He highlighted Bitcoin’s 6% drop in value during this period, indicating waning confidence in the cryptocurrency.

According to Peter Schiff’s analysis, the current Bitcoin price is below 26 ounces of gold, representing a 30% drop from its previous high reached approximately 2.5 years ago. Schiff believes that Bitcoin’s prolonged downturn seems to be regaining momentum, and newly invested Bitcoin ETF buyers could potentially be among those choosing to sell soon.

BTC Believers Continue to Stay Bullish

Based on the statements of Hunter Horsley, CEO of Bitwise, there’s doubt among some people that long-term investors in bitcoin are selling due to heightened geopolitical tensions. However, according to Horsley, his interactions with investment professionals who only buy and hold have not shown any significant signs of withdrawals or worries related to this issue.

I don’t buy it that buy & hold bitcoin investors are sellers on heightened geopolitical conflict.

Long-only investment pros are our constant companions, day in and out. No signs of withdrawals from them over these issues, and no such concerns voiced.

— Hunter Horsley (@HHorsley) April 19, 2024

Horsley observes a growing number of Registered Investment Advisors (RIAs) and multi-family offices secretly exploring the possibility of investing in Bitcoin. While they aren’t announcing it publicly yet, some are quietly adding Bitcoin to client portfolios and assessing its potential use in investment strategies. Horsley predicts that as more time goes by, an increasing number of firms will openly adopt Bitcoin, shocking many onlookers with the extent of their adoption.

Read More

2024-04-19 10:15