Back in 2019, CNBC host Joe Kernen speculated that the Bitcoin price would reach $ 55,000 by May 2020. Peter Schiff mocked him at the time, saying “Bitcoin will never reach 50k “.
Though somewhat delayed, Bitcoin’s price hit a new all-time high of over $ 50,000 last night after rising almost 10% this week. Crypto Twitter communities – including Schiff’s son have reiterated his words somewhat cynical.
After his predictions proved false, Schiff raised his stance, saying that the Bitcoin price of $ 100,000 “cannot be ruled out”, but that “a permanent drop to zero is inevitable. ” Spencer, son of Peter Schiff, a Bitcoin proponent, was quick to joke that his father didn’t seem incapable of admitting that he was wrong about Bitcoin.
As a well-known bitcoin detractor, Schiff has made some inaccurate predictions about the price movements of digital assets over the years, opting instead to boost gold investments. During the sale in March 2020, the gold beetle stated that bitcoin would drop a lot more than $ 4,000. His prediction turned out to be the bottom, not the top, of a large price movement.
Schiff said he was wrong about the new all-time high, but still called $ 50,000 the biggest bubble of all financial assets. However, even some of his predictions for gold have proven to be inaccurate. In 2010, according to a Schiff report, the price of gold will be “5,000 to 10,000 USD / ounce in the next 5 to 10 years”. In fact, the price of this precious metal barely surpasses $ 2,000 by 2020 before dropping to $ 1,700.
Perhaps he will later become the worst bitcoin detractor and predictor in history. You will be successful if you listen to what he says and do the opposite.