Economist and longtime Bitcoin (CRYPTO: BTC) Peter Schiff said on Friday that the apex cryptocurrency is now acting as a “mirror image” of silver, highlighting a stark divergence in November’s market performance.
Bitcoin Mirrors Silver’s Moves, Schiff Warns
Taking to X, he said, while silver climbed 16.5% in November, Bitcoin fell 17.5%.
On a year-to-date basis, silver has surged 95%, whereas Bitcoin is down roughly 4%.
“Since silver will likely go much higher, that means its mirror image will likely crash,” he wrote.
At the time of writing, Bitcoin was trading at $90,535.28, down 0.9% in 24 hours, with a market cap of $1.8 trillion and a 24-hour trading volume of $57.64 billion, up 16.74%.
The iShares Silver Trust (NYSE:SLV) has soared 90.16% year-to-date, outpacing the SPDR Gold Trust (NYSE:GLD), which has risen 58.05% over the same period.
See Also: Bitcoin Smacked Down To $91,000: Where Do We Go From Here?
Corporate Treasury Risks Amplify Bitcoin’s Vulnerability
His latest comment came after he earlier this month also pointed to companies like Strategy (NASDAQ:MSTR) that use Bitcoin as a treasury asset, describing the approach as structurally unsound.
He explained that these firms survive by issuing debt or new shares to acquire more Bitcoin. The moment the stock trades below the value of its Bitcoin holdings, the entire “yield loop” breaks, Schiff said.
He said this could trigger forced BTC sales and worsen market declines.
Bitcoin Fails Original Promises
The economist earlier also argued that Bitcoin is struggling to maintain its role as both a payment method and a store of value.
Stablecoins are increasingly preferred for transactions, and tokenized gold is emerging as a more reliable asset. “The race to get out of Bitcoin is on. Don’t be last,” he stated, adding that investor confidence is collapsing.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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