HomeBitcoinPeter Schiff thinks that the price of Bitcoin could go up to...

Peter Schiff thinks that the price of Bitcoin could go up to $10 million if something specific happens

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  • Peter Schiff, who doesn’t like Bitcoin, says that the price of Bitcoin could go up a lot if there is a big problem with the US dollar.
  • Even though he has been negative about Bitcoin for a long time, the cryptocurrency keeps getting more valuable.

A Bullish prediction finally?

Renowned economist Peter Schiff, who is one of Bitcoin’s biggest critics, talked about the cryptocurrency again. He said that even if Bitcoin crashes really badly, its supporters would still praise it.

“No matter how cheap Bitcoin gets, its supporters will always say it’s done better than gold. ” For instance, if the price of bitcoin drops to $100 in 2031 and the price of gold goes up to $10,000, people will still say that bitcoin has increased 100 times in the last 20 years, while gold has only increased 5 times.

But Bitcoin might go up in the next few years. A person on Twitter said it could be worth $10 million by 2031, which made Schiff upset.

The economist said that if the US dollar collapses like the German Papiermark did 100 years ago, this could happen.

The fast rising prices in Germany between 1921 and 1923 was one of the worst money disasters in recent times. In the past, the country had a lot of money problems after World War I, so it printed more money to pay off its debts.

The process caused the country’s money to lose value quickly. At one time, one US dollar could buy a lot of German money, and people had to carry wheelbarrows of money to buy things they needed.

Schiff used to say negative things about the stock market.

The economist didn’t like Bitcoin from the beginning. In 2013, he disagreed with the idea that BTC is similar to gold, and said it is more like a “tulip mania 2. 0”

He also said that the asset is like a scam and predicted that it will fail many times. In January 2023, he advised people to sell their Bitcoin when its price went up. However, the price continued to increase and has gone up by 120% since that recommendation.

Recently, Schiff shared his opinion about the approved BTC ETFs in the USA. He said that Gary Gensler was forced to approve them. He thinks that the agency will create tough rules for cryptocurrencies that could hurt the industry and make the value of Bitcoin go down.

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