Bitcoin Market Cap Surpasses Silver at $2.2 Trillion

Mike Novogratz, the CEO of Galaxy, recently called out Peter Schiff, a well-known Bitcoin skeptic, for his decade-long misjudgments regarding Bitcoin. Schiff, who is known for his unwavering skepticism towards Bitcoin and his advocacy for precious metals like gold and silver, has repeatedly argued that Bitcoin is a "Ponzi" scheme and a "scam" with no real utility. Schiff's latest advice to investors was to sell their Bitcoin and buy silver instead, claiming that silver offered more upside potential and less risk.

Schiff's argument was that while Bitcoin could "easily crash," silver’s downside seemed limited. He predicted a breakout for the metal above $40, possibly accelerating toward $50. However, the numbers tell a different story. Bitcoin’s market capitalization now stands at well over $2.2 trillion, ranking it above silver globally. Despite Schiff's persistent warnings, Bitcoin's price appreciation and adoption have far outpaced silver over the past decade.

Schiff's repeated predictions of Bitcoin's demise have become something of a meme within the crypto community. Every time he urges investors to sell, Bitcoin seems to rally further, prompting some to joke that Schiff is the market’s best “contrarian indicator.” Even when pressed about what would make him admit he was wrong, Schiff has said only a world where Bitcoin replaces all fiat currencies would change his mind; something he insists is as far off now as it was a decade ago.

Novogratz, a prominent Bitcoin bull, has frequently sparred with Schiff on social media, highlighting the dramatic difference between their outlooks. Novogratz and others in the crypto space have called out Schiff’s missed calls, pointing to Bitcoin’s relentless rise despite constant naysaying from traditional finance figures. Schiff’s recent call to sell Bitcoin for silver, just as BTC notched new all-time highs, is just the latest in a long series of misjudgments. While silver remains a respected investment, Bitcoin’s performance, adoption, and market dominance have consistently proved Schiff wrong, showing that betting against Bitcoin is a “fools gold” in itself.