Will Bitcoin soar even higher?
Peter Schiff, the CEO of Gold Bug and Euro Pacific Capital, and also a well as a popular bitcoin-bear who contends that bitcoin’s value could drop to zero, admitted that the flagship cryptocurrency’s price can hit $100,000 in the future, now it has surpassed the $50,000 mark.
In a tweet, Schiff admitted that a move to $100,000 “can’t be ruled out,” but warned his followers that a move down to zero can’t be ruled out either because a “permanent move down to zero is inevitable.”
The tweet has met with doubt from influential figures in the cryptocurrency space who pointed out that this could have been the first time the gold bug stated anything bullish about the cryptocurrency, although he tried to promote gold in his tweet either way.
Schiff said last year that Bitcoin will “collapse” after admitting that he likes riling up the cryptocurrency community on Twitter. The gold bug speculated back in August 2019 that Bitcoin’s price will “never” hit $50,000 as a response to an analyst in a discussion about Schiff’s prediction that gold will hit $5,000 in two years.
Gold now trades at $1,794, down from a high of $2,000 seen last year, while Bitcoin moved from $11,000 in August 2019 to a new all-time high above $50,000 this week.
Last Tuesday, Schiff reacted to one of his tweets from 2019 – which claimed that Bitcoin’s price would never reach $50,000 – and admitted that he had made a mistake.
In separate tweets, the gold bug also claimed that a financial asset is in a bubble “when its price has no relationship to its underlying present value or reasonable expectation of its future value,” and claimed that bitcoin is the “biggest bubble of them all.”
Last year, as the price of BTC moved steadily up from $11,000 in October, Schiff denied that companies were selling their positions in gold to increase their exposure to cryptocurrency, similar reports suggested that companies were dropping gold to a “gimmick” of bitcoin marketing.
Spencer Schiff, Peter’s son, has however shown that he is pro-bitcoin and argued that BTC is “sound money” while saying that his dad’s understanding of money is “flawed.”
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