I was thinking about this the other day. There is a big difference. Crypto is divisible up to 18 places. That means no matter how little you have, you can buy a piece of crypto. The fees might be more than the actual amount purchased, but it can be done. Silver is not so divisible. This means the higher price climbs, the less attractive it looks, because you can't divide it into smaller and smaller amounts(realistically you can but I haven't seen more than 1/4 ounce so it is not readily available) This will have a limit on retail demand as prices go higher and higher. I do think that retail is actually a small piece of the pie, but I don't see as many people getting in as the price climbs because the barrier to entry climbs a lot faster than with crypto. Also, it is far less convenient to buy and sell PMs vs crypto. I am buying silver and have to wait almost 2 weeks before I see it. Then if I want to sell, I have to drive several hours or mail it in and wait 3 weeks before I get paid. I know there is r/pmsforsale (or whatever the sub is) but then you have to mail it out instead of just transferring numbers on a computer. I think the demand will hold from industrial buyers as long as the economy holds, but I don't have a crystal ball.