Key Takeaways
- Mike Novogratz publicly challenged Peter Schiff's ongoing Bitcoin criticism as BTC set new all-time highs.
- Schiff advised investors to sell Bitcoin for silver, but Bitcoin's market cap and adoption now far exceed silver's.
- Schiff's repeated bearish calls have become a meme in the Bitcoin community, often preceding further rallies.
As Bitcoin set new all-time highs above $118,000, Galaxy CEO Mike Novogratz responded to noted skeptic Peter Schiff’s latest critique, urging him to reconsider his stance.
When Schiff referred to Bitcoin’s capped supply as “meaningless” and “arbitrary,” Novogratz replied:
“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.”
Gold advocate
Schiff, long established as a persistent gold advocate, has regularly labeled Bitcoin “digital fool’s gold” and dismissed its utility compared to precious metals, despite Bitcoin’s sustained growth and adoption.
Even as its market capitalization now exceeds $2.2 trillion, surpassing silver, Schiff maintains his bearish outlook.
Silver vs BTC
Last week, as Bitcoin reached fresh highs, Schiff advised investors to sell BTC in favor of silver, claiming the metal had more upside and less risk.
He argued that Bitcoin could “easily crash” while predicting silver could break above $40 and approach $50.
Despite repeated warnings about Bitcoin being a “Ponzi” or “scam,” Bitcoin’s price history and adoption continue to far outpace silver.
Schiff’s track record of missed predictions has become a meme in the Bitcoin community, with each call to sell sometimes followed by further price rallies.
Market dominance
Novogratz and others in the bitcoin space regularly highlight this contrast, pointing to Bitcoin’s increasing market dominance and mainstream acceptance.
Schiff has stated that only global replacement of fiat by Bitcoin would make him reconsider—a scenario he calls extremely unlikely.
While silver remains a respected investment, the numbers show Bitcoin’s performance and adoption have consistently outstripped it, making Schiff’s persistent skepticism a recurring flashpoint for debate in financial circles.
