Peter Schiff Calls Bitcoin Rebound 'Good Opportunity' To Sell 'Fool's Gold' As BTC Craters More Than 50% Against Silver Over A Year

Core Viewpoint - Economist Peter Schiff advocates for Bitcoin holders to sell some of their holdings and invest in silver, following a recent rally in Bitcoin prices [1][2]. Group 1: Silver Performance - Silver has reached a new all-time high above $60 per ounce, with an almost 5% intraday rise, which Schiff attributes to breaking the long-term double top at $50 [2]. - Spot silver has outperformed Bitcoin recently, gaining 21% over the last month, while Bitcoin has lost over 12% of its value in the same period [3][4]. - Over the past year, silver has increased by approximately 91.98%, while Bitcoin has only seen a decline of 5.51% [4]. Group 2: Bitcoin Performance - Bitcoin's value has significantly decreased in terms of silver, requiring only 1,508.01 ounces of silver to buy one Bitcoin, down from 3,030 ounces a year ago, indicating a drop of over 50% in its value when measured in silver [4][5]. - Despite recent losses, Bitcoin has surged fivefold over the past five years, compared to silver's 155% gain in the same timeframe [3][4]. Group 3: Market Commentary - Schiff has criticized Bitcoin, suggesting it behaves like a "mirror image" of silver, where rising silver prices correlate with Bitcoin crashes [6]. - Binance founder Changpeng Zhao commented that Schiff is close to recognizing Bitcoin's potential, despite his persistent skepticism [6].