Peter Schiff Urges Bitcoin Holders to Sell at $118,000, Buy Silver

Peter Schiff, a well-known critic of Bitcoin, has once again advised investors to sell their Bitcoin holdings and purchase silver. This recommendation comes at a time when the flagship cryptocurrency has surged past $118,000, reaching a new all-time high. Schiff, who is a prominent advocate for precious metals, believes that silver offers a more stable and undervalued alternative to Bitcoin. He argues that while Bitcoin's price is speculative and overextended, silver is trading at a more reasonable level and has the potential for significant upward movement.

In a post on X, Schiff urged Bitcoin holders to cash in their holdings and invest in silver ahead of its next big price increase. He noted that silver mining stocks remain underpriced despite recent upward movements, suggesting that the market has not yet fully recognized their potential. Schiff predicts that once silver breaks past the $40 level, it could quickly accelerate towards $50, with mining stocks following suit.

Despite Schiff's warnings, Bitcoin remains ahead of silver in terms of market value. It currently ranks sixth among global assets with a market cap of $2.20 trillion, just ahead of Google, while silver comes in at $2.007 trillion. The digital asset's price has continued to rally, driven by strong ETF inflows, growing corporate adoption by crypto-focused treasury firms, and an increasingly supportive regulatory environment.

The crypto community, however, remains unconvinced by Schiff's latest commentary. Many supporters of Bitcoin have responded to his post, asserting that they will not dispose of their Bitcoin for silver. Some have pointed out the apparent folly of his previous remarks, highlighting how Bitcoin has outperformed silver. Schiff has a history of criticizing Bitcoin, often calling it a risky and speculative asset without intrinsic value. He has previously advised traders to sell all of their Bitcoin in favor of gold mining stocks, claiming that it will collapse during a major economic crisis.

Schiff's latest recommendation to sell Bitcoin and buy silver reflects his long-standing belief in the value of precious metals as a stable investment. While Bitcoin's price has continued to rally, Schiff's warnings about its speculative nature and potential for a crash have resonated with some investors. However, the crypto community remains largely unconvinced, with many continuing to hold onto their Bitcoin despite Schiff's advice.