Bitcoin Surges 5% to $118,000 Peter Schiff Advocates Selling for Silver

Peter Schiff, a well-known critic of Bitcoin and advocate for gold, recently suggested that investors should consider selling their Bitcoin holdings and purchasing silver instead. This advice comes as Bitcoin's price surged to new highs, exceeding $112,000 and later trading at nearly $118,000. Schiff believes that the current rally in Bitcoin presents a selling opportunity for investors to capitalize on the potential upside of silver.

Schiff argues that silver has more upside potential compared to Bitcoin. He points out that while Bitcoin can easily crash, silver's downside seems very limited. This perspective is rooted in his belief that Bitcoin is a risky bet, driven by speculation and unrealistic expectations. He criticizes companies that hold Bitcoin in their treasuries, suggesting that their strategy is to deceive naive investors. Despite Schiff’s concerns, corporate crypto adoption is heating up, with over 100 public companies now holding Bitcoin. However, Schiff remains steadfast in his view that silver offers more upside and minimal downside.

In a subsequent post, Schiff noted that silver prices have crossed $37 and are pushing towards $40. He argues that a quick rally to $50 is inevitable and that silver mining stocks are still undervalued, not yet pricing in the next leg up. Schiff's advice comes amid rising institutional interest in crypto assets, making his warning even more provocative. He believes that Bitcoin is merely a distraction, and that silver is the better investment option.

Schiff's comments highlight the ongoing debate between Bitcoin enthusiasts and critics. While some see Bitcoin as the future of digital currency, Schiff and others view it as a speculative bubble. His advice to sell Bitcoin and buy silver is a clear indication of his belief in the long-term potential of precious metals over digital currencies. As the market continues to evolve, investors will need to weigh the risks and rewards of both assets carefully.

Arthur Hayes, co-founder of BitMEX, also weighed in on the market conditions. He expressed a slight bearish sentiment due to the US Treasury General Account being replenished through new debt issuance, which could temporarily drain liquidity. However, Hayes remains bullish on the overall market, predicting that Ether (ETH) will outperform and that a significant altcoin season is on the horizon. He also noted that the market believes US President Donald Trump will "chicken out" on the tariffs, and his family office fund, Maelstrom, is ready to reenter the market.

Erald Ghoos, the CEO of the European arm of crypto exchange OKX, also commented on Bitcoin's surge to new highs. He stated that this surge is not just noise but reflects Bitcoin's emergence as the ultimate digital macro hedge. Ghoos added that amid rising global trade tensions, looming tariffs, and a policy-driven liquidity backdrop, institutions are treating Bitcoin like a form of digital gold. With volatility at decade-low levels and strategic ETF inflows accelerating, July is shaping up to be a defining moment for the market.

OKX CEO Roshan Robert echoed similar sentiments, stating that Bitcoin is showing why it’s in a class of its own. He noted that while ongoing trade tensions flare and altcoins stumble, institutions are treating Bitcoin as a macro hedge and maturing asset class. Robert concluded that July will test markets, but Bitcoin looks built for it.