Suggesting that Bitcoin is not a digital gold, Peter Schiff has advised investors to buy silver, drawing attention to the surge in silver.
A known Bitcoin opponent, gold proponent Peter Schiff continues to make BTC-gold comparisons.
He took to his Twitter handle to draw attention to Bitcoin’s decline and the rise of gold and silver following the tension between Iran and the U.S.
Claiming that BTC is not a safe haven asset as it has been described to be at this point, Peter Schiff stated that Bitcoin’s price volatility is a cause for concern, indicating that BTC is not working as a reliable store of value during times of uncertainty.
Schiff noted that while the Dow went through a 1.5% drop following the tension, Bitcoin, on the other hand, faced a significant 6% decline; on the contrary, he noted that gold showed resilience with a 1.5% surge.
Peter Schiff highlighted that oil, gold, and silver prices increased while Bitcoin and the stock market declined amid the escalating geopolitical tensions.
Stressing that particularly silver is rallying alongside gold, he communicated that it presents an alternative for investors looking for stability during volatile market conditions.
