Peter Schiff, one of the most notorious cryptocurrency critics, has taken to the X social media platform to silver as “Bitcoin 2.0.” “Silver is the new Bitcoin. It’s Bitcoin 2.0,” he said.
This came after the price of silver surged by more than 6% earlier today.
As reported by U.Today, Bitcoin managed to surpass the market cap of silver in March, with its price reaching a new all-time high above the $73,000 level due to strong demand for Bitcoin exchange-traded funds (ETFs).
However, Bitcoin’s rally didn’t last long. After briefly reclaiming the coveted $70,000 level, the top cryptocurrency plunged below the $65,000 level earlier this Tuesday due to macrofinancial headwinds and persistent spot ETF outflows.
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Meanwhile, silver is close to reclaiming its annual peak of $26.14. However, it is still far from reaching its all-time high of $46.47 that was recorded on March 27, 2011.
The price of gold is also up 1%, currently trading at $2,274 per ounce.
No value proposition?
In a separate post on the X social media network, Schiff also reiterated that the largest cryptocurrency by market cap had no value proposition.
This echoes the criticism of Better Markets CEO Dennis Kelleher, who described crypto as a lawless useless industry earlier today on Bloomberg TV. “They had 14 years to come up with a legitimate socially useful use for crypto and they have. Crypto is only useful for wild speculation, gambling, and it’s the preferred financial product of criminals worldwide…This is not my opinion. These are the objective facts.”
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