Mike Novogratz Reacts To Peter Schiff’s Bitcoin Criticism

The world’s leading cryptocurrency, Bitcoin (BTC), has hit a new record, crossing $118,000, but not everyone is cheering. Peter Schiff, a long-time critic of Bitcoin, took another shot at the digital currency

In a recent X post, Schiff called the top coin meaningless and pushed investors to move their money into silver instead. This time, Galaxy Digital CEO Mike Novogratz had enough and responded directly to Schiff.

Peter Schiff Doubles Down on His Anti-Bitcoin Views

Peter Schiff, a well-known supporter of gold and silver, has spent over a decade warning people about Bitcoin. He claims the flagship crypto has no real value and that its limited supply is arbitrary. Even as Bitcoin continues to rise, Schiff insists it is nothing more than “digital fool’s gold.”

As Bitcoin crossed all-time highs, Schiff told investors it was a good time to sell and buy silver. He said silver had more room to grow and less risk of crashing.

Schiff believes silver could soon break above $40 and go even higher. At the same time, he warned that Bitcoin could easily crash.

Mike Novogratz Fires Back at Schiff

Mike Novogratz, a strong supporter of Bitcoin, quickly responded to Schiff’s latest comments. He criticized Schiff for ignoring Bitcoin’s growth and holding onto outdated views. Novogratz and many others in the crypto world believe Schiff refuses to accept how far Bitcoin has come

Novogratz pointed out that despite all of Schiff’s warnings over the years, Bitcoin has continued to grow in price and popularity

For over ten years, Schiff has warned that Bitcoin would fail. However, at the same time, Bitcoin has gone from a niche project to a global financial asset with a market value of over $2.2 trillion, larger than silver.

While silver has seen some gains, its performance has not matched the top coin’s rise. Bitcoin has become more widely accepted by investors, companies, and even governments. Meanwhile, Schiff’s repeated warnings have become something of a joke online, with some calling him the best “contrarian indicator.” This means that whenever he says Bitcoin will fall, it usually rises instead.

Peter Schiff Shows No Signs of Changing His Mind

Even when asked what would make him admit he was wrong, Schiff has said only a world where Bitcoin replaces all fiat money would convince him. He believes that the outcome is still far away, if not impossible.

Mike Novogratz and other crypto supporters continue to call out Schiff’s missed predictions, saying it is time to accept the facts. They argue that Bitcoin’s record speaks for itself.

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