Gold bug Peter Schiff has revised his bitcoin prediction after the price of the cryptocurrency exceeded his expectations, reaching an all-time high above the $50K level. He now says, â€œI must admit that a move up to $100,000 canâ€™t be ruled out.â€ Nonetheless, the long-term bitcoin skeptic warns that the price can also drop to zero and one should buy gold instead.
Peter Schiff Now Predicts Bitcoin Can Reach $100K
Euro Pacific Capital CEO and host of the Schiff Radio show, Peter Schiff, was mocked by the bitcoin community on Tuesday after the price of bitcoin crossed the $50K mark. The gold bug thought leader had predicted and emphasized repeatedly that bitcoinâ€™s price would never reach that level.
After he was proven wrong on Tuesday, Schiff revised his stance, tweeting:
Nonetheless, he warned: â€œA move down to zero canâ€™t be ruled out either. While a temporary move up to $100K is possible, a permanent move down to zero is inevitable.â€ Schiff proceeded to recommend: â€œIf you donâ€™t want to gamble buy gold.â€
The quintessential bitcoin skeptic elaborated: â€œA financial asset is in a bubble when its price has no relationship to its underlying present value or a reasonable expectation of its future value, and investor conviction in price appreciation is high and fear of loss is low. At $50K bitcoin is the biggest bubble of them all.â€
Schiff had been saying since 2019 that the price of bitcoin would never reach $50K. However, he insisted on Tuesday that he was â€œnot wrongâ€ about his prediction, claiming that he only said that â€œit was highly unlikely.â€ He tweeted explaining: â€œI never said it was impossible. Sometimes things that are unlikely to happen, happen.â€
However, many users on Twitter accused Schiff of lying, reposting his 2019 tweet as evidence that he did say bitcoinâ€™s price would never get up to $50K. â€œFrom the guy who had a $50,000 price target on bitcoin for the year end 2018. My gold forecast came alot closer than your bitcoin forecast. Plus at least gold will eventually hit 5K. Bitcoin will never hit 50K,â€ Schiff wrote on Aug. 21, 2019.
His son, Spencer Schiff, chimed in and commented on his dadâ€™s 2019 tweet: â€œYeah youâ€™d have to be nuts to think bitcoin will ever hit 50K.â€ Spencer then presumed that Peter Schiffâ€™s next tweet about bitcoinâ€™s price might be:
The $50K bitcoin price has long been the subject of debate between Schiff and Max Keiser, a popular television personality and bitcoin proponent. Keiser has publicly said many times that bitcoinâ€™s price hitting $50K will â€œtriggerâ€ Peter Schiff to panic buy the cryptocurrency. Peter Schiff has so far rejected the notion.
What do you think about Peter Schiffâ€™s bitcoin prediction? Let us know in the comments section below.
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