Gold follower Peter Schiff: Bitcoin could rise to 100,000 US dollars
„A temporary rise to US$100,000 is possible, but a „permanent decline down to zero is inevitable,“ Peter Schiff said on Twitter.
Peter Schiff once said „bitcoin will never reach US$50,000“. Now the gold advocate has reiterated his pessimistic prediction that Bitcoin (BTC) will eventually fall to zero.
In 2019, CNBC host Joe Kernen speculated by Bitcoin Circuit that the bitcoin price would reach US$55,000 by May 2020. Peter Schiff made fun of him at the time, saying „Bitcoin will never reach US$50,000“.
After some delay, the Bitcoin price has now climbed to a new all-time high of more than 50,000 US dollars
This means it has risen by 8 per cent this week. The crypto community on Twitter, including the gold advocate’s son, have given Schiff another look at his words.
After his predictions were proven wrong, Schiff has stated that a bitcoin price of $100,000 „cannot be ruled out“. But a „permanent decline down to zero is inevitable“. Schiff’s son Spencer Schiff, a bitcoin proponent, has apparently mocked his father’s inability to admit he may have been wrong about bitcoin.
Schiff, a well-known Bitcoin critic, has made several incorrect predictions about the crypto-asset’s price performance over the years. He clearly advocates gold investment. During the March 2020 collapse, the gold proponent said bitcoin would fall much lower than US$4,000. His prediction turned out to be a bottom, not the peak of a major price move.
Schiff said he was „wrong“ about the new all-time high in this case, but still declared that US$50,000 worth of Bitcoin was „the biggest bubble“ among all financial assets. However, some of his gold predictions have also proved incorrect. In 2010, Schiff said that the price of gold would be „US$5,000 to US$10,000 per ounce over the next 5 to 10 years“. In fact, the price of the precious metal only just climbed above the US$2,000 mark in 2020 and then fell to US$1,700.