Peter Schiff, a well-known advocate for gold, has advised investors to sell Bitcoin and purchase silver, following a significant 17% increase in silver prices this November. Silver has reached a new all-time high, surpassing $55 per ounce, while Bitcoin has experienced a similar percentage decline this month. Market analysts from The Kobeissi Letter have pointed out that silver ETFs represent only 0.3% of total ETF assets, indicating that silver remains underowned despite its recent strong performance.
Schiff emphasized that silver's year-to-date increase of 95% starkly contrasts with Bitcoin's 4% decline. Analysts caution that if Bitcoin and Ethereum continue to underperform compared to major asset classes like the S&P 500 and gold, it could lead to reduced demand for these cryptocurrencies.
Peter Schiff Recommends Selling Bitcoin for Silver Amid Market Shifts
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