After the price of Bitcoin (BTC) returned above the $50,000 mark and continued up, in addition to retaking the $1 trillion market capitalization, one of its most famous critics, Peter Schiff, believes it might actually hit $100,000 in the future, but he also pointed out that there was a catch.
As it happens, Schiff was discussing the United States economy, inflation, central banks, stocks, and the flagship decentralized (DeFi) asset with popular entrepreneur, technology investor, and Bitcoin bull Anthony Pompliano during an episode of his podcast streamed on February 13.
$100,000 is possible, but…
According to the renowned skeptic of the maiden cryptocurrency, the price of one Bitcoin could reach $100,000 or more, but it might not mean much to those holding it, nor would it represent as massive increase as many think, taking into account that it almost hit $70,000 in 2021. As he explained:
“Can Bitcoin rally to a $100,000 or more? Sure it can, but I don’t even think it’s worth betting on it because it’s not even that big of a rise. (…) I just don’t think there’s enough upside anymore for it to be interesting to anybody. (…) I mean it’s been going sideways now for three years, (…) it hit the high, almost hit $70,000 in 2021, this is 2024. (…) I just don’t see the next catalyst for the rise.”
Replying to Pompliano’s question of whether he thinks $1 million is likely, Schiff admitted that Bitcoin could go to a million, “but it’s not going to mean you’re a millionaire if own a Bitcoin. You’re a millionaire on paper but there’s a lot of millionaires in Zimbabwe, in countries that have had hyperinflation.”
As he further pointed out, “Venezuela has a lot of millionaires, but their millions don’t buy anything, so Bitcoin might go up in that sense, but it’s not going to go up in a real sense,” as well as adding that if Bitcoin does hit $1 million, “gold is probably going to be higher.”
Speculation and gamble?
Moreover, he bashed Bitcoin as “part if the move to speculate and gamble, (…) and Bitcoin kind of had its own narrative with all those ETFs launched, there’s a dozen or so Bitcoin ETFs and so there was a lot of hype there that led to that rally,” referring to the approval of the spot BTC exchange-traded fund.
“Predictably, when the ETFs were launched it was a ‘sell the news’ event and they all dropped about 20% very quickly. They’ve recovered and made new highs I think on the back of some renewed speculation. I think this ETF conference down in Miami that’s going on right now, so there’s probably a lot of hyping.”
As a reminder, Schiff earlier this year had a heated discussion with members of the crypto community, during which he said that Bitcoin could hit the price of $10 million by 2031, but only if the US dollar went the way of the German Papiermark and became worthless, as Finbold reported on January 29.
Meanwhile, the largest asset in the crypto sector by market cap is currently trading at the price of $51,919, climbing 6.17% in the last 24 hours, as it added up to the weekly increase of 20.83% and an advance of 22.97% across its monthly chart, as per the latest data on February 14.
Watch the entire video below:
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