Bitcoin is slipping again – like socks on a freshly waxed floor – inspiring dramatic monologues about fleeing to “traditional havens” while stocks party near record highs. Critics (hi, Peter Schiff 👋) say this is proof that confidence in crypto is fading faster than my enthusiasm for cardio.
Peter Schiff Calls Bitcoin’s Weakness a Setup for Sharper Moves
Economist and professional gold cheerleader Peter Schiff believes bitcoin’s weakness shows a grand plot twist diverging from equities, which are chilling near their highs like they just finished a spa day. Schiff says investors are sliding back toward precious metals like gold and silver – which is basically the financial version of going back to your high-school sweetheart. 💍✨
“Bitcoin isn’t selling off because it’s a risk asset, but because it’s a fake asset,” Schiff declared on X (formerly known as Twitter, currently known as chaos) on Nov. 30. He noted that the NASDAQ is less than 2% from its record high, while bitcoin is 28% below its peak – implying there’s more here than just a bad mood swing. According to Schiff, this is “a rotation from fake to real assets.”
Had you followed my advice on Feb. 14th and sold your bitcoin and bought silver, you would now have about 70% more purchasing power. Since then, bitcoin is down 6% while silver is up over 68%. The good news? It’s not too late to switch! (Translation: I told you so.) 😏
Schiff broadened his argument, reminiscing about his past disappointment in humanity’s ability to understand why bitcoin wouldn’t work: “The biggest mistake I made with bitcoin was assuming people could figure out why it won’t work. The same people who were wild enough to buy it are just as wild enough to not sell it even when the universe is screaming otherwise.” 🤦♀️
His comments continue the eternal boxing match between precious-metals lovers and crypto warriors. Bitcoin supporters argue that volatility doesn’t erase its potential, citing institutional adoption, rules that aren’t written on napkins anymore, and markets that are allegedly becoming more mature (like a college senior who finally does laundry). They say history shows that dramatic comebacks often follow ugly face-plants. 🧹📈
FAQ ⏰
- Why does Peter Schiff say bitcoin is weakening?
Because while stocks are flexing near record highs, bitcoin appears to be napping face-down on the carpet – suggesting investors may be tiptoeing back to gold and silver. - What comparison did Schiff make between bitcoin and silver?
He insists that selling bitcoin for silver in February would’ve given investors about 70% more purchasing power. That’s like swapping a bike for a Tesla… hypothetically. - How does Schiff describe bitcoin’s long-term prospects?
He believes bitcoin has all the durability of a chocolate teapot and says people still misunderstand its actual viability. - How do crypto advocates counter Schiff’s position?
They point to growth in institutional access, regulatory clarity, and past miracle-style rebounds after brutal crypto winters. 🚀❄️
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2025-12-01 07:58