Peter Schiff Describes Bitcoin's Recovery as a 'Great Chance' to Sell 'Fool's Gold' as BTC Drops Over 50% Compared to Silver in One Year

Peter Schiff's Investment Advice: Economist Peter Schiff urged Bitcoin holders to sell some of their BTC after a recent rally and invest in silver, which he claims has reached a new all-time high.

Performance Comparison: While Bitcoin has dropped over 12% in value in the last month, silver has surged by 21%. Over five years, Bitcoin has outperformed silver significantly, increasing fivefold compared to silver's 155% gain.

Bitcoin's Declining Value in Silver: The amount of silver needed to purchase one Bitcoin has decreased from over 3,030 ounces a year ago to about 1,508 ounces, indicating a more than 50% drop in Bitcoin's value when measured in silver.

Schiff's Ongoing Criticism of Bitcoin: Schiff continues to criticize Bitcoin, suggesting it behaves like a "mirror image" of silver, and argues that it lacks utility beyond speculation, despite some acknowledgment of its potential from figures like Binance's founder.