Peter Schiff Scores Accurate Silver/ Bitcoin Forecast
Peter Schiff, a well-known precious metals proponent, has been predicting the rise of precious metals and the stagnation of bitcoin for quite some time, and the recent silver and gold bull market has lent some credibility to his forecast.
In a recently issued post on social media, Schiff stated:
“What’s happening with silver is about to happen with Bitcoin, only in reverse. Silver’s spectacular rise will usher in Bitcoin’s catastrophic collapse. Don’t say I didn’t warn you.”
Silver has been involved in a complete vertical movement year to date (YTD), with its March futures climbing over 53% and reaching record prices of over $111.27 during Monday’s session, stabilizing to $108.21 at the time of writing.
While there was a short selloff during the session, expectations remain positive, as Shanghai markets still trade silver at a significant premium, with prices reaching $130.
Gold, of which Schiff is a big fan, also recently crossed the $5,000 mark for the first time in its history, with March futures prices increasing as high as $5,093.90 on Monday. Gold has also performed strongly, up nearly 17% YTD.
And while bitcoin has not been involved in a catastrophic collapse, it has been moving sideways, failing to break above the $100K level this year, even after enjoying unprecedented support from the Trump administration, with broad market regulation being discussed.
On January 23rd, when silver broke $100 for the first time, Schiff bashed on bitcoin holders for not exchanging their BTC for silver when they could. “Had they done that, they would have almost four times as much money today. The good news is that it’s not too late to make the trade,” he stressed.
FAQ
What has Peter Schiff predicted about bitcoin and precious metals?
Schiff claims that silver’s rise will lead to bitcoin’s decline, suggesting a significant market shift.How has silver performed recently?
Silver has surged over 53% year-to-date and reached record prices of over $111.27 per ounce.What recent milestone has gold achieved?
Gold has crossed the $5,000 mark for the first time, with March futures hitting highs of $5,093.90.How is bitcoin currently performing compared to precious metals?
Bitcoin has struggled to break the $100,000 level this year, moving sideways despite significant backing from the Trump administration.
