# Schiff says sell Bitcoin for silver as $258K target looms: Hodler's Digest, July 6 – 12
Bitcoin has reached new highs above $112,000, but longtime critic and gold advocate Peter Schiff believes this may be a selling opportunity for investors to buy silver instead. In a recent X post, Schiff stated that with Bitcoin hitting new highs in dollars, it's a great time to sell some and buy silver ahead of silver's next big leg up.
Schiff claimed that silver has more upside potential than Bitcoin and added that while BTC "can easily crash, silver's downside seems very limited." He also mentioned that the current rally could be just the beginning of a parabolic rally, with Bitcoin potentially reaching as high as $258,000 if history repeats itself.
The idea behind this prediction is based on a mathematical model known as Power Law Time Contours, which measures price deviation from a trendline in units of time. According to anonymous Bitcoin analyst apsk32, Bitcoin's price action has followed a long-term power curve trendline, and if the pattern continues, the price could reach extreme levels.
However, not everyone shares Schiff's optimism. High-leverage trader James Wynn, who recently lost nine-digit amounts, has deactivated his X social media account following these losses. Wynn's profile now reads "broke," a stark contrast to his previous bio.
Despite the challenges faced by some investors, others are seeing opportunities in the market. American rapper Snoop Dogg sold out a collection of almost a million non-fungible tokens (NFTs) on Telegram in just 30 minutes, generating $12 million in sales. The NFTs were powered by the TON blockchain and featured items such as vintage cars, swag bags, digital dogs, marijuana-related objects, and more.
The total market cap is currently at $3.68 trillion, with Bitcoin (BTC) at $117,967, Ether (ETH) at $2,962, and XRP at $2.78. The top three altcoin gainers of the week are MemeCore (M) at 1,234.52%, Stellar (XLM) at 59.52%, and Story (IP) at 49.69%. The top three altcoin losers of the week are Jito (JTO) at 4.57%, OKB (OKB) at 0.64%, and Pi (PI) at 0.15%.
Additionally, Grayscale's attorneys have pushed back against the US Securities and Exchange Commission's delay on approving its Digital Large Cap exchange-traded fund (ETF). The SEC's Division of Trading and Markets initially approved the ETF proposal but was later halted by the Office of the Secretary.
Furthermore, Binance has reportedly helped create the code behind the stablecoin issued by World Liberty Financial. This cryptocurrency business is backed by US President Donald Trump and his three sons.
However, not everyone is pleased with this development. Changpeng Zhao, CEO of Binance, has called a Bloomberg report about the exchange's involvement in creating the WLF stablecoin a "hit piece." He later shared a tweet claiming that Coinbase was behind the accusation.
Meanwhile, Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys, has expressed his concerns over the US Treasury General Account being replenished through new debt issuance, which could temporarily drain liquidity.
In other news, France has opened an investigation into X for allegedly using its algorithm to extract user data fraudulently. The French Public Prosecutor's Office has launched a probe into whether X violated French law by manipulating its algorithms to get user data without consent.
Additionally, Chinese creditor challenges FTX motion to halt payouts in restricted countries. A Chinese creditor has filed an objection to the FTX estate's motion to pause payouts to residents in jurisdictions with laws or regulations restricting cryptocurrency transactions.
Finally, Anatoly Legkodymov, a former CEO of cryptocurrency exchange Bitzlato, has requested a US pardon after pleading guilty to operating an unlicensed money transmitting business. His legal team asked President Trump for a presidential pardon, citing that he was targeted in a political campaign against the crypto market and talented Russian programmers.
These are some of the latest news stories from around the world of cryptocurrency.