Bitcoin critic Peter Schiff touts Silver’s potential as BTC slides

Longtime Bitcoin critic and goldbug Peter Schiff is back with another jab at the world’s largest cryptocurrency, and this time, he’s pitching the other precious metal as a superior alternative.

According to Schiff in a June 20 X post, silver currently offers far more realistic upside than Bitcoin (BTC), with significantly less downside risk. “If anyone is looking for an alternative to gold, it makes no sense to buy Bitcoin when you can buy silver,” he wrote. 

Schiff has long positioned himself as a gold advocate and has repeatedly dismissed Bitcoin as an asset with little to no real value. While his latest remarks shift the spotlight from gold to silver, they continue his familiar theme that Bitcoin, in his view, is all speculation and no substance.

As usual, his anti-Bitcoin campaign drew pushback from crypto supporters, many of whom dismissed his comments as outdated. Some pointed out that despite years of similar warnings, Bitcoin has continued to grow, both in value and adoption, defying his long-standing criticism.

In a follow-up reply to a commenter, Schiff doubled down. He claimed that people are “foolishly buying” Bitcoin instead of silver, adding that all the crypto king will ultimately do is “destroy the fortune of those who buy it.”

Despite the criticism, BTC currently commands a greater market share than silver. As of now, Bitcoin ranks 7th among global assets by market capitalization at approximately $2.079 trillion, just ahead of silver, which holds the 8th spot at around $2.007 trillion.

Schiff’s latest remarks come as Bitcoin’s performance has softened in recent weeks, though it remains relatively steady amid rising geopolitical tensions. At the time of writing, BTC is trading just above $104,700, down approximately 3.8% from its weekly high of over $108,000.