Peter Schiff. Source: Yahoo
The well-known economist and gold proponent, Peter Schiff, commented on the recent increase in the price of silver, saying that the metal has essentially become “the new Bitcoin.”
The latter, on the other hand, has been particularly stable. Yesterday, the price gained just shy of two percent, which was the most action Bitcoin saw in quite a bit of time.
Peter Schiff, a renowned economist, and author, has never kept it a secret that he’s no fan of Bitcoin.
As CryptoPotato recently reported, Schiff said that he agrees with the United States Federal Reserve that categorized Bitcoin right there with fiat, in contrast to gold. He also said that once trust in both fiat and BTC is gone, people will once again turn to gold.
Now, Schiff compared another precious metal, silver, with the cryptocurrency in light of its recent gains.
Indeed, silver prices are up almost 90% since the crash back in March.
Commenting on the matter, Schiff said:
“Silver is up more than 13% so far today, while Bitcoin is barely up 2%. Silver is the new Bitcoin, except with direct utility. So while Bitcoin bugs are dreaming about Bitcoin going to the moon, they are missing the real-life moonshot in silver.”
And while it’s obviously true that silver prices are growing, there’s a tiny detail that Schiff, as always, is missing out on – everything is going up!
What Schiff fails to realize is that comparison is nothing but nitpicking. Or, perhaps, he has completely buried his head in the gold and silver he so much treasures and completely misses what’s going on with the entire market.
Every single major index is marking tremendous increases since the crash in the middle of March. This includes the S&P 500, the Dow Jones Industrial Average (DJI), while the Nasdaq Composite and Nasdaq 100 are marking fresh all-time highs.
But all this aside, let’s look at the returns Bitcoin gave its investors in the same period. Since the Black Thursday, Bitcoin is up more than 155% – almost twice as much as silver.
So, no, silver is not the new Bitcoin, not even in terms of the price increase. In fact, it doesn’t even come close.
