„A temporary increase to $ 100,000 is possible, but a“ permanent decrease to zero is inevitable, „said Peter Schiff on Twitter.
Peter Schiff once said, „Bitcoin will never reach $ 50,000“. Now the gold advocate has reiterated its pessimistic forecast that Bitcoin ( BTC ) will eventually drop to zero
In 2019, CNBC host Joe Kernen speculated that Bitcoin price would hit $ 55,000 by May 2020 . Peter Schiff made fun of him at the time and said: „Bitcoin Up review will never reach $ 50,000“.
With a slight delay, the Bitcoin price has now climbed to a new all-time high of more than 50,000 US dollars. This week it has increased by 8 percent. The crypto community on Twitter, including the son of the gold advocate, brought his words back to life.
After his prognoses turned out to be wrong, Schiff stated that a Bitcoin rate of 100,000 US dollars could „not be ruled out“. But a „permanent decline to zero is inevitable“. Schiff’s son, Spencer Schiff, a bitcoin proponent, apparently made fun of his father for not being able to admit that he could have been wrong about Bitcoin.
Well-known Bitcoin critic Schiff has made several incorrect predictions about the price development of the crypto asset over the years. He is clearly in favor of gold investments. During the March 2020 slump , the gold advocate said Bitcoin would fall much lower than $ 4,000. His forecast turned out to be the low point and not the high point of a major price movement.
Schiff said he was „wrong“ about the new all-time high in this case , but still stated that a Bitcoin worth $ 50,000 was „the largest bubble“ of all financial assets. However, some of his gold predictions have also proven incorrect. In 2010 , Schiff said the price of gold would „be around $ 5,000 to $ 10,000 an ounce for the next 5 to 10 years.“ In fact, the price of the precious metal climbed just above the $ 2,000 mark in 2020 and then fell to $ 1,700.