Renowned crypto critic Peter Schiff recently took to Twitter to proclaim silver as “Bitcoin 2.0” after it experienced a significant price jump of 6% in the stock market. This rise was in contrast to Bitcoin, which had recently surpassed silver’s market capitalization but saw a drop of nearly 6% under financial pressure.
Schiff’s tweet came on the heels of silver’s attempt to reach a new high, but it still falls short of its previous record of $46.47 achieved in 2011. Meanwhile, Bitcoin’s record high of $73,000 last month was driven by the demand for Bitcoin ETFs (Exchange Traded Funds). However, the asset’s value dropped to around $65,000 on Tuesday.
Schiff’s remarks about Bitcoin’s lack of value were echoed by Better Markets CEO Dennis Kelleher, who called the digital currency industry a waste of time and money in an interview with Bloomberg TV. Gold, on the other hand, has also seen a price increase of 1% and currently trades at $2274.
In other news, Grayscale’s GBTC is facing renewed pressure amid ETF outflows, highlighting the ongoing competition between traditional and cryptocurrency investments.
