Bitcoin Surges Past $117,000, Critics and Bulls Clash Over Next Moves
As Bitcoin reached a new all-time high of over $118,000, market reactions have been swift and polarized. Peter Schiff, the well-known gold and silver advocate and longtime Bitcoin critic, reignited his warnings, advising investors to sell Bitcoin and buy silver instead.
“With Bitcoin hitting new highs today, it’s a great time to sell some and buy silver ahead of silver’s next big leg up,” Schiff posted on X.
Schiff: Silver Has “Limited Downside” Compared to Bitcoin
Schiff argued that silver offers more upside potential than Bitcoin at current levels. He warned that while Bitcoin could easily crash, silver’s downside appears limited. His comments come despite BTC’s rapid climb, now trading close to $118,000, up nearly 6% in the past 24 hours.
While Schiff’s perspective remains consistent with his precious metals stance, many in the crypto industry disagree — seeing Bitcoin’s price surge as a sign of growing global adoption and institutional support.
Arthur Hayes: Slightly Bearish Short-Term, Bullish Long-Term
Arthur Hayes, co-founder of BitMEX, weighed in with a nuanced take. In a post on X, he said he’s “slightly bearish” in the short term due to liquidity concerns stemming from US Treasury debt issuance. However, Hayes remains bullish long-term, particularly on Ethereum, predicting a major altcoin season ahead.
“[Ether] will outperform, get ready for a monster altcoin season,” Hayes wrote.
OKX Executives View Bitcoin as “Digital Macro Hedge”
Adding to the bullish chorus, OKX CEO Erald Ghoos noted that Bitcoin’s rally reflects its emergence as the ultimate digital macro hedge, particularly amid rising global trade tensions and looming tariffs.
“Institutions are treating BTC like digital gold,” Ghoos said, citing low volatility and record ETF inflows.
OKX’s Roshan Robert echoed similar sentiments, emphasizing that Bitcoin has matured into a resilient asset amid macro uncertainty. “July will test markets, but Bitcoin looks built for it,” he added.
Institutional Buying and ETF Flows Accelerate
Bitcoin’s price momentum is also being fueled by record ETF inflows, declining volatility, and the perception of BTC as a store-of-value asset in uncertain global markets. Many analysts believe the current market conditions could push Bitcoin to even higher price levels this quarter.
Final Thoughts
While Peter Schiff continues to urge caution, calling for a rotation into silver, the broader market appears to be embracing Bitcoin’s role as a maturing macro hedge. With institutional interest rising, altcoin sentiment improving, and liquidity factors shifting, July could be a pivotal month for crypto markets.
Summary
- Bitcoin hits new high above $118,000
- Peter Schiff calls for switching to silver
- Arthur Hayes expects short-term pressure, long-term rally
- OKX executives see BTC as a macro hedge
- ETF inflows and global tensions support bullish momentum
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.