When Bitcoin skeptical Peter Schiff began yet another rant about Bitcoin today, it was too much for Galaxy CEO Mike Novogratz. Novograts fought back when the salty Schiff began calling the Bitcoin cap supply “meaningless” and “arbitrarily.”
“Why do you hate $btc so much? You’ve been wrong about it for ten years. A flexible mind is a healthy mind. I’ll admit that you were wrong. It’s liberating.”
A longtime critic of Bitcoin and the industry’s most notorious gold bug, Schiff has built a reputation for his unwavering skepticism about the codes of world numbers. Despite Bitcoin repeatedly setting its all-time high and surges past $118,000 recently, Schiff doubles his bearish outlook, claiming that Bitcoin is “digital-fool gold” with no real utility compared to precious metals.
Latest Silver Push
Then last week, when Bitcoin reached historic levels, Schiff advised investors to sell BTC and buy silver instead. He argued that silver would offer more potential for rises and reduce risks, and would place current crypto rallies as an ideal outlet for Bitcoin holders. In his words:
“When Bitcoin hits a new high today (in dollars), it’s the perfect time to sell some before Silver’s next big leg and buy silver.”
Schiff argued that Bitcoin can “crash easily”, but Silver’s drawbacks appear to be limited, predicting a metal breakout of over $40 and could accelerate to $50.
Numbers tell a different story
Despite Schiff’s enduring warning that Bitcoin is “ponzi” and “scam”, the numbers undermine his paper. Bitcoin’s market capitalization is now well over $2.2 trillion, exceeding silver worldwide.
Silver has seen modest profits, but Bitcoin’s price rise and adoption have far surpassed precious metals over the past decade. Despite years of similar bearish calls from Schiff, Bitcoin is ignoring expectations and growing in both value and mainstream acceptance.
Sif’s achievements
Sif’s repeated predictions of Bitcoin’s end of mise have become something of a meme within the crypto community. Every time he urges investors to sell, Bitcoin appears to be even more ralliant, with some joking that Schiff is the best “reverse indicator” on the market.
Even when he was forced to admit that he was wrong, Sif said that only the world where Bitcoin replaces all Fiat currency would change his mind. What he claims is as far away as it was a decade ago.
Novo Grats Exchange
Notable Bitcoin Bull Novograts frequently holds back on Schiff on social media, highlighting dramatic differences in their outlook. Crypto Space’s Novogratz, among others, calls for Schiff’s missed calls and refers to the merciless rise in Bitcoin despite constant repetition from traditional financial figures.
Just as BTC scored a new all-time high, the recent call to sell Schiff’s Bitcoin for silver is the latest in the long series’ misjudgment. Silver is still a respected investment, but Bitcoin’s performance, adoption and market domination consistently proves Schiff wrong, indicating that bets on Bitcoin are “fools” in itself.