In early May, well-known financial expert and vocal critic of Bitcoin, Peter Schiff, declared that the world’s leading cryptocurrency was entering a period of bearish sentiment.
He also stated that the pressure on BTC would only intensify in the upcoming months, potentially leading to significant losses for investors. In a recent update, Schiff also recommended shifting investments towards precious metals, particularly silver.
According to Schiff, the current market cap of silver, which is around $1.83 trillion, surpasses that of all mined bitcoins by about $500 billion. He warned that failure to act now and invest in silver would be a mistake for investors.
However, some internet users were quick to point out that while silver prices have only increased by 14.46% since the beginning of 2021, Bitcoin has experienced a surge of almost 60% in the same time frame.
