Renowned Bitcoin skeptic Peter Schiff is once again warning investors to exit their crypto positions, this time as Bitcoin surged to a new all-time high of $118,000.
In a post on X dated July 10, the longtime critic of digital assets advised holders to cash in on BTC’s gains and rotate into silver, arguing the metal is undervalued and poised for a major breakout.
“With Bitcoin hitting new highs today (in dollars), it’s a great time to sell some and buy silver ahead of silver’s next big leg up,” Schiff wrote.
Schiff Says Silver Is Primed for a Major Breakout
The Bitcoin price peaked at $118,254 this week, driven by robust ETF inflows, expanding corporate treasury adoption, and an increasingly favorable regulatory landscape. However, Schiff remains unconvinced by the digital gold narrative, claiming that BTC is overextended and vulnerable to a sharp reversal.
He contrasted this with silver, which recently climbed back above $37 per ounce, up 2% on the day. Schiff believes that silver is still undervalued and that its mining stocks are lagging behind despite the recent price surge. In his view, a breakout above $40 could trigger a parabolic move to $50 or more, pulling silver miners higher along the way.
Bitcoin Outpaces Silver in Market Value
Despite Schiff’s silver advocacy, Bitcoin continues to lead in total market value. BTC now ranks as the sixth-largest asset globally, boasting a market cap of $2.20 trillion, surpassing giants like Google. Meanwhile, silver’s total valuation stands at approximately $2.007 trillion.
The disparity reflects not only Bitcoin’s strong institutional momentum but also the maturation of crypto markets since the last cycle. Spot ETFs, corporate treasuries, and international payment platforms are increasingly integrating BTC into their operations, something silver lacks as a financial instrument.
Crypto Community Responds to Schiff’s “Sell Bitcoin Buy Silver” Advice
As expected, crypto enthusiasts pushed back on Schiff’s latest call. Social media users flooded his X post with criticism, noting how his past predictions had failed to materialize. One user quipped, “Your forecast went from ‘BTC will never hit $100K’ to ‘now is the time to sell.’”
Another added, “Bitcoin has already outperformed silver and gold for years. Why would we trade a winning horse for one still in the starting gate?”
Schiff’s History of Anti-Bitcoin Calls
This is far from Peter Schiff’s first anti-Bitcoin prediction. The economist and gold proponent has long called BTC “worthless,” warning that it lacks intrinsic value and would crash during a global financial crisis. In contrast, he has continually touted gold and now silver as safe-haven assets.
Nonetheless, Bitcoin continues to defy its expectations, reaching new highs while traditional precious metals struggle to match its growth trajectory.
Final Thoughts: Is Schiff Wrong Again?
Schiff’s renewed call to sell Bitcoin and buy silver comes during a moment of undeniable strength for BTC. With bullish tailwinds still present in the form of institutional adoption, favorable regulation, and macroeconomic demand for hard assets, many argue that Bitcoin’s rally is far from over.
While silver may present an opportunity, the crypto market appears to be winning the store-of-value narrative, and for now, Schiff remains one of the few voices urging caution while the market celebrates new highs.
