‘No One Needs Bitcoin,’ Peter Schiff Downplays BTC Price Surge

Longtime Bitcoin critic Peter Schiff has once again drawn the ire of Bitcoin proponents, this time downplaying Bitcoin’s latest price surge while praising silver’s climb to a 12-year high.

In a recent tweet, Schiff wrote, “The silver train keeps on quietly chugging along. This morning it’s above $39, its highest since Feb. 2012. The rise in silver is far more significant to the real world than Bitcoin’s new high. Industries that need silver will now have to pay more to buy it. No one needs Bitcoin.”

As Bitcoin gains traction, recently topping $123,000, Schiff, a gold advocate, remains staunchly opposed to Bitcoin, reaffirming his long-held conviction that it lacks inherent value and real-world utility while touting support for silver.

You Might Also Like

Schiff’s support for silver is not new; last week, when Bitcoin hit $118,000 for the first time, the longtime Bitcoin critic said that the latest BTC advance could be a selling opportunity for investors to buy silver instead.

Schiff’s comments amid a historic Bitcoin rally did not sway Bitcoin proponents, who flooded his X post with positive Bitcoin comments.

Bitcoin marks record high

Schiff’s reaction came after Bitcoin hit a new all-time high in the early Monday session, over $123,000. At press time, Bitcoin was up 3% in the last 24 hours and 12.58% weekly.

You Might Also Like

Bitcoin hit a record high of $123,231 early Monday before falling slightly to trade below $122,000.

According to CoinMarketCap, the flagship cryptocurrency traded at $121,509, giving it a current market valuation of $2.41 trillion.

10x Research CEO Markus Thielen has set a year-end Bitcoin goal target range of $140,000 to $160,000, but significant risk remains in the U.S. Federal Reserve’s continued hawkish policy and potential interest rate hikes.