“Why do you hate $BTC so much? You have been wrong on it for a decade. A flexible mind is a healthy mind. Admit you were wrong. It’s liberating.”
“With Bitcoin hitting new highs today (in dollars), it’s a great time to sell some and buy silver ahead of silver’s next big leg up.”
Schiff argued that while Bitcoin could “easily crash,” silver’s downside seemed limited, and he predicted a breakout for the metal above $40, possibly accelerating toward $50.
While silver has seen modest gains, Bitcoin’s price appreciation and adoption have far outpaced the precious metal over the past decade. Despite years of similar bearish calls from Schiff, Bitcoin has defied expectations, growing in both value and mainstream acceptance.
Even when pressed about what would make him admit he was wrong, Schiff has said only a world where Bitcoin replaces all fiat currencies would change his mind; something he insists is as far off now as it was a decade ago.
Prominent Bitcoin bull, Novogratz, has frequently sparred with Schiff on social media, highlighting the dramatic difference between their outlooks. Novogratz and others in the crypto space have called out Schiff’s missed calls, pointing to Bitcoin’s relentless rise despite constant naysaying from traditional finance figures.
Schiff’s recent call to sell Bitcoin for silver, just as BTC notched new all-time highs, is just the latest in a long series of misjudgments. While silver remains a respected investment, Bitcoin’s performance, adoption, and market dominance have consistently proved Schiff wrong, showing that betting against Bitcoin is a “fools gold” in itself.
