Gold bug and bitcoin bear Peter Schiff has provoked the cryptocurrency community on social media, arguing that silver is now the new bitcoin, after the precious metal’s price hit a six-year high.
Schiff’s comments came shortly after the price of bitcoin rallied “barely” 2%, in a day in which the price of silver moved up over 13%. The precious metal’s price is reportedly going up thanks to a pick-up in manufacturing demand and low-interest rates, leading some investors to precious metals and other safe havens amid a stock market rally that seemingly has no end.
Silver is up more than 13% so far today, while #Bitcoin is barely up 2%. #Silver is the new Bitcoin, except with direct utility. So while Bitcoin bugs are dreaming about Bitcoin going to the moon, they are missing the real life moonshot in silver.
— Peter Schiff (@PeterSchiff) July 22, 2020
The price of gold has also been moving up steadily over the last few months, to the point Boris Schlossberg, the managing director of FX Strategy at BK Asset Management joked that gold is the “real bitcoin” wen the precious metal hit a nine-year high above $1,800.
Meanwhile, the price of bitcoin has been stuck in a tight range since the end of May, trading between $9,000 and $10,000. After BTC repeatedly failed to break through the $10,000, the range dropped as the cryptocurrency has been trading close to $9,200. This week, it broke out to $9,300.
As CryptoGlobe reported, Bitcoin’s volatility index has dropped to a 15-month low and is now below 1.5%. The last few times the volatility index dropped below said figure a significant move in the cryptocurrency’s price followed.
Peter Schiff, it’s worth noting, has in the past predicted bitcoin will “collapse,” after admitting he likes to provoke the cryptocurrency community on social media. Responding to a Twitter poll on the future price of the flagship cryptocurrency, he implied BTC was unlikely to ever trade at $25,000.
Featured image via Unsplash.