2024-02-25 11:04:04
Peter Schiff, a gold bull and founder of precious metals trader SchiffGold who has always been badmouthing Bitcoin, recently made a sudden U-turn and said that Bitcoin may reach US$100,000. He even claimed that Bitcoin may reach a maximum of US$10 million, but in US dollars It can only happen in a hyperinflationary environment, and the price of gold will rise even higher by then.
(Previous summary: God predicted that BTC would plummet! Bitcoin villain Peter Schiff: Spot ETFs are falling into a bear market and will end badly!)
(Background supplement: “BTC will collapse” following spot ETF is approved! Bitcoin villain Peter Schiff: Institutions will not buy it at all)
Peter Schiff, a gold bull and founder of precious metals trader SchiffGold, has always been pessimistic regarding Bitcoin and believes that Bitcoin is worthless. After the adoption of the Bitcoin spot ETF, he also predicted that investors will suffer a tragic fate. However, he recently appeared on Anthony Pompliano’s Podcast. China claims that Bitcoin may reach $100,000:
Can Bitcoin reach $100,000 or higher? Of course, but I don’t think it’s worth betting on Bitcoin… because there’s not that much demand to support the rally… I just don’t think Bitcoin is rising enough to be interesting.
I mean, Bitcoin has been sideways for three years… It hit a high, almost $70,000 in 2021, which is 2024… I just don’t see a catalyst for the next rally.
Although Peter Schiff believes that the price of Bitcoin may double from the current price, he believes that investing in Bitcoin is more like gambling. Bitcoin is not a safe haven, nor is it a low-volatility asset reserve, while stocks and gold are more Investments with intrinsic value can earn dividends and make jewelry.
Could Bitcoin hit $10 million?
When asked if Bitcoin might rise to $1 million, Peter Schiff said that it is possible, but if Bitcoin rises to this level, the price of gold may be higher. He further said that Bitcoin price may reach 10 million. dollar, but this is only possible if the dollar experiences some kind of hyperinflation, like the one experienced by Germany in the 1920s.
Peter Schiff explains:
If Bitcoin breaks through $1 million, you are a nominal millionaire, but there are also many millionaires in countries that have experienced hyperinflation, in Zimbabwe, there are many millionaires in Venezuela, but those countries Millionaires can’t afford anything, so Bitcoin may rise under hyperinflation, but not in a real sense.
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