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While the crypto market focuses on Bitcoin struggling to reclaim the $70,000 level, long-time Bitcoin critic Peter Schiff is drawing attention to silver instead, arguing that the precious metal is entering a major demand-supply shift.
In a recent post on X, Schiff said investors should stop focusing only on Bitcoin and pay attention to what he described as a strengthening silver market. He argued that silver is entering a major phase in 2026 as demand rises while supply remains tight.
Schiff also reiterated his long-running view that silver has outperformed expectations over time, writing: “I’ve been telling people to buy silver since it was under $5. Eventually $120 buys will be ahead too.”
Schiff’s comments were met with immediate criticism from crypto users. One response pointed to performance declines, noting that Bitcoin is down 45% from its peak, while silver is down 44% from its own highs.
The same user questioned the logic of Schiff’s stance, asking why a “scarce asset” would fall as much as an asset Schiff has previously dismissed, and adding that silver’s decline happened faster.
Other critics cited broader losses across traditional precious metals. They claimed metals have lost around $1.1 trillion in value over the last 60 days—more than what crypto has seen recently—citing moves in both gold and silver.
One Bitcoin supporter used the argument to challenge the idea that traditional assets are more stable, saying that gold and silver are not as resilient as many believe.
The debate also turned to relative pricing using the Bitcoin-to-silver (BTC/XAG) ratio. At the time of writing, Bitcoin was reported down 2.7% to around $68,800, while silver was down 4.5% to about $68.
Over the past month, Bitcoin was described as clearly outperforming silver, with the BTC/XAG ratio rising by more than 25%. The article said that one Bitcoin can now buy more than 1,000 ounces of silver, compared with roughly 700–800 ounces a few weeks earlier.
Source: Xe
The article also referenced a comparison suggesting Bitcoin has held up better than many traditional assets during periods of war, implying some investors may be viewing Bitcoin as a stronger option in uncertain conditions.
Source: X
Despite consistently criticizing Bitcoin, the article noted that Schiff has shown interest in blockchain technology in the context of gold. During a debate with Binance founder CZ in December, Schiff introduced a tokenized gold product (T-Gold), suggesting he may not trust Bitcoin as an asset while still believing in blockchain’s role in supporting gold.

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