Longtime Bitcoin skeptic and prominent gold advocate Peter Schiff has once again taken aim at the world’s largest cryptocurrency—this time promoting silver as a better alternative.
In a June 20 post on X, Schiff argued that silver offers far more realistic upside potential than Bitcoin, with considerably lower downside risk. “If anyone is looking for an alternative to gold, it makes no sense to buy Bitcoin when you can buy silver,” he stated.
Known for his persistent criticism of Bitcoin, Schiff has consistently dismissed it as a speculative asset lacking intrinsic value. While he typically champions gold, his latest comments shift focus to silver—though his message remains the same: Bitcoin, in his view, is all hype and no substance.
As expected, his remarks sparked backlash from the crypto community. Many users called his views outdated, noting that despite years of skepticism, Bitcoin has continued to gain in both value and mainstream adoption.
In a follow-up response to a commenter, Peter Schiff doubled down on his stance, claiming that investors are “foolishly buying” Bitcoin instead of silver. He warned that the leading cryptocurrency will ultimately “destroy the fortune of those who buy it.”
Despite his criticism, Bitcoin currently holds a stronger market position than silver. As of now, BTC ranks 7th among the world’s top assets by market capitalization, valued at roughly $2.079 trillion—slightly ahead of silver, which sits in 8th place with a market cap of around $2.007 trillion.
Schiff’s latest comments come amid a modest pullback in Bitcoin’s performance. While the cryptocurrency has dipped recently, it remains relatively stable in the face of mounting geopolitical tensions. At the time of writing, BTC is trading just above $104,700, down about 3.8% from its weekly peak of over $108,000.
