Crypto News- Renowned economist and ardent gold advocate Peter Schiff recently shared his unconventional perspective on Bitcoin’s future, predicting a staggering $10 million price tag. This is noteworthy considering Schiff’s consistent criticism of Bitcoin, making him an unlikely proponent of such a bullish outlook.
Schiff’s forecast is contingent upon a scenario reminiscent of the German Papiermark’s collapse in the 1920s post-World War I. During a hyperinflationary period from 1921 to 1923, the Papiermark experienced an unprecedented devaluation, rendering it virtually worthless. Drawing parallels, Schiff suggests that for Bitcoin to reach $10 million, the US Dollar must undergo a similar collapse.
Bitcoin Critic Peter Schiff’s Bold Prediction: 10 Million Dollars BTC Price Hinges on This Event
In his comparison between Bitcoin and gold, Schiff underscores his unwavering support for the precious metal. He highlights a prevailing trend among Bitcoin enthusiasts who consistently view the cryptocurrency’s expansion positively, despite its inherent volatility. Schiff emphasizes his skepticism regarding Bitcoin’s intrinsic value, asserting that its perceived worth relies solely on collective belief and scarcity.
Critiquing mainstream media coverage, Schiff points out the lack of warnings before the launch of Bitcoin ETFs from analysts who are now expressing caution. The recent approval of spot ETFs triggered a significant sell-off, causing Bitcoin’s price to dip below $40,000.
The Timeless Battle: Bitcoin vs. Gold – Unveiling the Evergreen Debate
The ongoing debate between Bitcoin and gold continues, with Schiff’s unconventional prediction challenging the norm. Despite Bitcoin’s robust performance in 2023, Bloomberg’s senior commodity strategist, Mike McGlone, suggests that 2024 might see the cryptocurrency underperforming the stock market on a risk-adjusted basis. Contrary to expectations surrounding the approval of spot Bitcoin ETFs and the upcoming Bitcoin halving, macroeconomic factors could hinder Bitcoin from achieving new all-time highs.
McGlone dismisses the notion that a US Fed rate cut will significantly boost Bitcoin’s price, attributing it to the inflation created by excessive easing in the past. With concerns about a potential recession in the US economy, McGlone suggests that Bitcoin, being a risk asset, could experience a fate similar to stocks when the broader market faces downturns. As he puts it, “When the stock market and beta go down, Bitcoin goes down more.”