U.Today - Peter Schiff, who has never been shy about his skepticism toward crypto, made the interesting call lately that he thinks silver could be the new Bitcoin (BTC). Now, before jumping to conclusions, Schiff is not suggesting silver is some kind if “Bitcoin killer” or anything of that sort.
Instead, he is pointing out that silver just hit $33.38 - its highest price since October - and there is potential for a big move up, similar to Bitcoin’s explosive rallies in the past. He even went so far as to call it “Bitcoin 2.0."
What he meant was that silver might be on the brink of a price jump, like Bitcoin has had in the past. It was not some wild prediction, just a comparison to the cryptocurrency's massive runs. But even as a metaphor, the point is that silver has room to grow, and it could be a solid play for those paying attention.
Turning the conversation into a bigger economic picture, Schiff also noted something interesting about the precious metals market. Despite weak retail sales data, traders seem more focused on stronger export price inflation, which Schiff believes could signal a bigger trend.
He pointed out that stagflation - a mix of weak growth and inflation - is generally more favorable for gold than inflation alone. This is possibly a bullish scenario for Bitcoin, as the "money printer" option is seen as the most bullish for cryptocurrencies and risk assets overall.
When you compare the numbers, the difference between Bitcoin and silver is clear. Since the start of 2024, BTC has jumped 121%, while silver is up 37%. Over the past two years, the gap widens even more: Bitcoin has soared by 486%, while silver is up just 55%.
This does not mean silver will not play catch-up; it just shows how the cryptocurrency has dominated the past few years.