As a long-term crypto investor with a background in finance and economics, I have always been intrigued by the opinions of renowned figures like Peter Schiff. His extensive experience and accurate predictions make him a respected voice in the financial world. When Schiff declared that silver is the new Bitcoin, I couldn’t help but pay attention.
As a researcher studying the world of economics and finance, I’m drawn to the insights of Peter Schiff, an influential figure in this domain. Born on March 23, 1963, in New Haven, Connecticut, Schiff obtained his finance and accounting degree from the University of California, Berkeley. Kicking off his career as a stockbroker, he later co-founded Euro Pacific Capital, where I currently hold the positions of CEO and Chief Global Strategist.
On the afternoon of April 2, 2024, when Bitcoin was priced at approximately $65,469, Schiff made a commentary on social media platform X. He pointed out that gold had gained over 1% to reach a new peak, and silver saw a nearly 4% increase. Emphasizing the potential growth of silver, he hinted at its impending record high. In an intriguing comparison, Schiff referred to Bitcoin as “Bitcoin 1.0” and called silver the “new Bitcoin,” or “Bitcoin 2.0.”
Jump ahead to May 18, 2024. Bitcoins are trading at approximately $67,613. After making his earlier prediction incorrect, Schiff revisited his statement. He emphasized that between April 1 and May 18, silver had experienced a surge of more than 21%, whereas Bitcoin’s growth was below 2%. Consequently, he exclaimed, “Bitcoin has met its demise. Hail to the victor, Silver!”
As a crypto investor, I’ve noticed an intriguing development since my last post. Silver has surged over 21% in value, whereas Bitcoin has only managed to eke out a meager 1.6% increase within the same timeframe. This means that for every dollar invested in silver, I could have gained more than ten dollars’ worth of returns – quite an impressive return on investment! Given this trend, I can’t help but feel that Bitcoin might be taking a backseat for now. Of course, nothing is ever certain in the world of cryptocurrencies, but for the moment, I’m riding high on silver and savoring its gains. Long live silver!
— Peter Schiff (@PeterSchiff) May 18, 2024
Later on, the esteemed trader and writer Peter Brandt, who boasts a remarkable 40-year career in the commodity and futures markets, joined the discussion. Brandt’s journey began in 1976 with ContiCommodity Services, and he later established Factor LLC, a firm specializing in proprietary trading. Renowned for his mastery of classical charting techniques and strict risk management, Brandt has penned several influential books, such as “Diary of a Professional Commodity Trader,” which offers unique insights into the world of trading. Brandt is celebrated for his effective application of classical chart patterns and is frequently consulted for his market wisdom. He also imparts his extensive knowledge through Factor Trading by providing instructional content on chart analysis and trading methods.
On May 18, 2024, in response to Schiff’s remarks about Bitcoin and silver, Brandt urged the public to disregard his comments. He believed that Schiff makes such statements to generate interest and gain followers, labeling him as having wagered on “failed investments.” Regarding Schiff’s silver fervor, Brandt considered it exaggerated. Despite a recent surge in silver’s price, he argued that it didn’t substantiate Schiff’s pessimistic viewpoint towards Bitcoin.
Schiff promptly countered Brandt’s perspective on Bitcoin, encouraging him to reflect upon the authenticity of his convictions. Schiff contended that investing in Bitcoin bears similarities to wagering on an unreal horse, emphasizing the significant risks at hand. He cautioned that numerous individuals would likely suffer financial losses by backing Bitcoin. His criticisms towards Bitcoin extend beyond mere social media banter; they stem from a deeply held belief in its high risk and insubstantial value.
Why don’t you give me the benefit of the doubt and just assume I’m being honest about my view on Bitcoin? If you are betting on Bitcoin you are betting on an imaginary horse. A lot of people will lose a bunch of money betting on Bitcoin. I am just warning them of the high risk.
— Peter Schiff (@PeterSchiff) May 19, 2024
In his next post, Schiff voiced annoyance towards allegations that he criticizes Bitcoin to boost interaction. He clarified that if his intention were to increase engagement, he would support Bitcoin instead. Schiff emphasized that he wouldn’t compromise his principles for fame and considered Bitcoin a pyramid scheme and an “electronic Ponzi scheme.” He claimed that Bitcoin advocates deceive people into preferring Bitcoin over gold. If Bitcoin proponents stopped labeling it as “digital gold,” Schiff vowed to halt his critical comments regarding it.
In simpler terms, I believe Bitcoin functions similarly to a pyramid scheme, using the blockchain technology as a selling point. Advocates for Bitcoin are urging individuals to invest in it rather than gold. I caution against this decision. If Bitcoin proponents cease comparing Bitcoin to digital gold, then I would have no reason to comment on the matter.
— Peter Schiff (@PeterSchiff) May 19, 2024
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2024-05-19 22:17