In a recent declaration, renowned economist Peter Schiff has reiterated his long-standing skepticism towards Bitcoin, advising its current holders to divest their digital assets, which he provocatively labels 'fool's gold,' and instead channel their investments into the tangible allure of silver. This counsel comes on the heels of a notable upswing in Bitcoin's valuation, a rebound Schiff views as an opportune moment for exit. His recommendation is underscored by silver's remarkable market performance, which has recently achieved an unprecedented peak, starkly contrasting with Bitcoin's substantial depreciation of over half its value when measured against the lustrous precious metal over the preceding year.
Economist Peter Schiff Champions Silver Over Bitcoin Following Price Dynamics
On Tuesday, December 9, 2025, Peter Schiff, a prominent economist and fervent proponent of tangible assets, renewed his critique of Bitcoin, urging investors to capitalize on a recent rally by converting their Bitcoin holdings into silver. His advice came after silver surpassed the $60 per ounce mark, reaching a new all-time high with an impressive almost 5% intraday surge. Schiff, using his platform on X (formerly Twitter), proudly noted that silver's ascent aligned with his predictions, stating that once it breached the $50 long-term resistance level, it was destined for a significant rally. In a direct challenge to Bitcoin enthusiasts, he mockingly suggested that Bitcoin's modest 2% rally presented a 'good opportunity to unload some fool's gold and buy silver!'
The financial narrative of the past month has seen a compelling divergence between these two assets. Bitcoin has experienced a decline of over 12%, whereas spot silver has surged by 21% within the same timeframe. However, a broader five-year perspective reveals Bitcoin's substantial lead, with its value appreciating fivefold compared to silver's 155% gain. This nuanced performance history sets the stage for ongoing debate between cryptocurrency and precious metal advocates.
A more detailed comparison over the past year highlights a significant shift in Bitcoin's purchasing power relative to silver. A year ago, one Bitcoin could acquire approximately 3,030 ounces of silver; today, that figure has drastically fallen to 1,508.01 ounces, marking a more than 50% reduction in Bitcoin's value against silver, even as its dollar value only decreased by 5.5%. This dramatic shift positions silver as a top-performing asset not only against Bitcoin but also against a spectrum of major asset classes throughout the current year. This includes traditional stalwarts like gold, the S&P 500 (represented by Vanguard’s S&P 500 ETF), the Nasdaq-100 (via Invesco QQQ), and long-term bonds (tracked by the iShares 20+ Year Treasury Bond ETF).
Schiff's persistent criticism of Bitcoin continues to frame the cryptocurrency as an asset devoid of intrinsic utility, relying solely on collective belief for its value. Last month, he further elaborated on this view, suggesting that Bitcoin's market behavior was becoming a 'mirror image' of silver's, implying an inverse relationship where silver's gains often coincide with Bitcoin's downturns. Despite Schiff's steadfast opposition, figures like Binance founder Changpeng Zhao have speculated that Schiff might be closer to acknowledging Bitcoin's inherent potential than he lets on, suggesting a certain stubbornness in his stance.
The ongoing discourse between economists like Peter Schiff and the cryptocurrency community highlights a fundamental ideological divide in investment philosophy. While Schiff advocates for the enduring value of precious metals, rooted in centuries of economic history, the digital asset proponents argue for the innovative and transformative potential of cryptocurrencies. This debate not only shapes individual investment strategies but also reflects broader societal questions about the nature of value, currency, and the future of finance. As both traditional and digital markets continue to evolve, understanding these contrasting perspectives becomes crucial for investors navigating the complex landscape of global economics.