Renowned financial analyst Peter Schiff has once again caused a stir in the cryptocurrency market by declaring Bitcoin “dead,” despite its recent surge to new all-time highs. Schiff, who is known for his pessimistic views on cryptocurrency, pointed to the significant difference in performance between Bitcoin and silver. He emphasized that silver has experienced a 21% rise since April, while Bitcoin has only gained 2%, suggesting that this underperformance will lead to Bitcoin’s collapse.
Bitcoin advocates, on the other hand, argue that Schiff selectively chooses facts from the short term to support his claims. They point out that compared to silver’s more modest 14.46% increase this year, Bitcoin has spiked by over 60%, which is quite remarkable. This contradiction continues to fuel the debate between supporters of digital currency and traditional assets.
Schiff further explained his position by expressing concerns about the marketing of Bitcoin as a substitute for gold. He believes that prospective investors need to be saved from making a serious mistake, prompting him to clarify what he sees as a misunderstanding. Schiff suggests that if Bitcoin proponents stop comparing it to gold, he would feel less compelled to openly oppose it. Despite accusations of seeking exposure, Schiff insists that his criticisms are driven by a genuine concern for investors’ well-being. He emphasizes that he values honesty over seeking attention through praising Bitcoin.
However, experienced trader Peter Brandt advises everyone to disregard Schiff’s negative predictions for Bitcoin. Brandt argues that Schiff is attempting to divert attention from Bitcoin’s accomplishments by using his position to highlight silver’s performance.
In other news, Zeebu has surpassed $2 billion in total payments volume, marking a significant milestone for the cryptocurrency. 
