Peter Schiff, president of Euro Pacific Capital and a well-known bitcoin critic, has made an intriguing suggestion. He believes the value of the first cryptocurrency could soar to $10 million.
Schiff, an economist with a keen eye for historical parallels, draws a comparison between the possible fate of the #US dollar and the German mark in the early 20th century. He believes that in the event of a sudden collapse of the U.S. currency, bitcoin could increase in value tens or hundreds of times.
What if #bitcoin goes to $10,000,00 by 2031?
— Trendonomics by Harsh Dixit (@TrendonomicsHD) January 26, 2024
In his recent statement, Schiff compares bitcoin to the precious metal, gold, stating:
"Even if by 2031 bitcoin falls to $100 and gold soars to $10,000, cryptocurrency enthusiasts will remain steadfast in their beliefs. They will argue that over the past two decades, bitcoin has risen 100-fold, while gold has only risen 5-fold."
Schiff's skepticism of bitcoin and related investment instruments is well known. He views it as a product devoid of any intrinsic value.
It is worth noting that in May 2022, Schiff predicted that the price of bitcoin would fall to $8,000. He also foresaw a collapse in the value of bitcoin before the launch of spot bitcoin-ETFs, but his predictions did not come true.
Earlier, Bernstein analysts put forward their hypothesis on this topic. They suggested that if spot #bitcoin-ETFs are approved, the price of bitcoin could soar to an impressive $150,000 by 2025. Let's wait and see who turns out to be right.
