Oh dear reader, it seems the Bitcoin basher, Peter Schiff, is at it again 🙄. He’s advising us all to sell our precious Bitcoins and buy silver instead. How quaint.
“With Bitcoin hitting new highs today (in dollars), it’s a great time to sell some and buy silver ahead of silver’s next big leg up,” Schiff said in a Thursday X post, no doubt with a straight face 😒. Bitcoin, meanwhile, was busy mooning and setting new highs above $112,000.
Schiff claims that silver has more upside potential than Bitcoin. Oh really? And he added that while BTC “can easily crash, silver’s downside seems very limited.” One wonders if he’s been sipping too much tea 🍵.
Arthur Hayes, co-founder of BitMEX, also chimed in on market conditions in a Friday X post. He said he was “slightly bearish” due to the US Treasury General Account being replenished through new debt issuance, which could temporarily drain liquidity. How terribly dull.
But fear not, dear reader, for Hayes is still bullish after Bitcoin reached a new all-time high and Ether (ETH) went on a merry march upward:
“[Ether] will outperform, get ready for a monster [altcoin season.]” 🚀
Tariffs, Trump, and Tribulations
Hayes added that the market believes US President Donald Trump will “chicken out” on the tariffs, adding that his family office fund, Maelstrom, is ready to reenter the market. One wonders if Trump will tweet about it 📱.
Erald Ghoos, the CEO of the European arm of crypto exchange OKX, also said that Bitcoin’s surge to new highs “isn’t just noise, it reflects its emergence as the ultimate digital macro hedge.” He added:
“Amid rising global trade tensions, looming tariffs and a policy‑driven liquidity backdrop, institutions […] are treating BTC like a form of digital gold. With volatility at decade‑low levels and strategic ETF inflows accelerating, July is shaping up to be a defining moment.” 💡
Bitcoin’s New All-Time High: The Saga Continues
The reaction comes amid Bitcoin reaching a new all-time high on Thursday, surpassing $112,000. At the time of writing, Bitcoin traded at nearly $118,000 after seeing its price rally by around 6% over the last 24 hours. One wonders what’s next 🤔.
OKX CEO Roshan Robert said that “Bitcoin is showing why it’s in a class of its own.” According to Robert, while ongoing trade tensions flare and altcoins stumble, institutions are treating Bitcoin as a macro hedge and maturing asset class.
“July will test markets, but Bitcoin looks built for it,” he concluded. And we can’t help but wonder, will it pass the test? 🤔
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2025-07-11 15:42