Peter Schiff Warns About Bitcoin After Silver Prices Hit All-Time High

Peter Schiff – a renowned financial commentator, stockbroker, and long-time gold advocate – once again becomes the center of attention when he issues a warning about Bitcoin right after silver prices experienced an unprecedented surge. As someone who has always criticized and opposed cryptocurrencies, Schiff believes that the silver rally could have a short-term negative impact on Bitcoin. According to his view, negative corrections in the market often occur very quickly when pressure appears. This statement was made amid a context where silver skyrocketed over 10% in a single day, surpassing $79 per ounce – the highest price in history. Silver Price Surge Sparks Schiff’s Warning About Bitcoin Reliable sources report that Schiff posted his opinion on X platform just as the market was witnessing a sharp increase in silver prices. Market data shows that this precious metal jumped from around $78 to nearly $79 within just 90 minutes. This price rally quickly drew the attention of global investors, especially since silver had maintained a steady upward trend for several months prior. The TradingView chart shows a clear breakout, pushing silver to a new all-time high. Not only that, but the silver rally also contributed to improving the overall sentiment towards metal assets. Notably, the positive performance of tokenized commodity assets on blockchain platforms indicates that this trend is spreading into the cryptocurrency sector, with the total market value of this asset group approaching $4 billion. This reflects that many investors are turning to alternative asset channels. Additionally, data from CompaniesMarketCap shows that silver is making efforts to narrow the market capitalization gap with NVIDIA. This development has led some experts to suggest that institutional demand may increase, and interest in basic commodities is also resurging strongly. Bitcoin Nearly Stagnant Amid Silver’s Rise Contrary to silver’s explosion, Bitcoin traded quite quietly during the same period. According to sources, BTC’s price remained around $87,000 and experienced only slight fluctuations in the past 24 hours. Data from CoinMarketCap also indicates that most major cryptocurrencies recorded very modest gains for the day. Debate on the Future of Silver and Bitcoin The strong surge in silver has ignited intense debates within the financial community. A new chart shared by Ted Pillows shows that the monthly RSI index for silver has reached its highest level in 45 years. Although this signal indicates a very strong upward trend, many analysts question the sustainability of the current rally. Some believe that this silver breakout is extremely impressive but also carries risks of correction in the future. When comparing long-term performance between Bitcoin and silver, another chart shows that Bitcoin has lost much of its accumulated relative advantage over the past eight years. This has led many to believe that, in the recent rally, silver outperformed BTC. Notably, with silver prices around $80 per ounce, a comparison model between silver and Bitcoin estimates that the fair value of BTC could reach approximately $394,000. From this, traders pose a big question: can Bitcoin catch up with silver’s rally in the future if market conditions change?