Peter Schiff said that Bitcoin Price Will Never Hit $100,000
Peter Schiff, a proponent of gold, said in a recent tweet that Bitcoin, the biggest cryptocurrency, would never surpass $100,000.
According to statistics from CoinGecko, the biggest coin is presently priced a little around $17,000. Bitcoin peaked at over $69,000 in November 2017.
Schiff, a well-known financial analyst and investor, has been quite outspoken in his opposition to Bitcoin. He argues that bitcoin has no fundamental worth since it has not yet shown itself as a reliable currency or store of wealth.
According to U.Today, the gold bug recently predicted that Bitcoin will reach zero. Schiff is worried that Bitcoin’s lack of actual usefulness makes it difficult to explain its high market price, and thinks that this makes it susceptible to excessive volatility.
His Bitcoin price forecasts have been far off. In 2018, he projected that the currency’s value will fall below $1,000 and advised people to sell their Bitcoins before this occurred. He also projected that the value of the currency will hit zero in 2020. These forecasts did not come true.
While Schiff’s predictions have not been true, he was correct about the cryptocurrency bubble of 2021, when Bitcoin reached an all-time high and then promptly collapsed. He properly detected this bubble before it burst, but failed to appropriately anticipate its implications or timing.