Peter Schiff, founder of SchiffGold and a prominent gold bull and precious metal trader who has always been bearish on Bitcoin, recently made a surprising turnaround. He stated that Bitcoin could possibly reach $100,000 and even claimed that it could potentially reach $10 million, but only in an environment of severe inflation of the US dollar, with the price of gold soaring even higher.
Background:
Peter Schiff, a well-known critic of Bitcoin, has consistently believed that Bitcoin has no value. After the approval of a Bitcoin exchange-traded fund (ETF), he even predicted a catastrophic outcome for investors. However, in a recent podcast with Anthony Pompliano, he claimed that Bitcoin could potentially reach $100,000.
Although Peter Schiff believes that the price of Bitcoin could double from its current level, he considers investing in Bitcoin to be more like gambling. He believes that Bitcoin is not a safe haven or a low-volatility asset reserve, unlike stocks and gold, which have intrinsic value and offer dividends and jewelry production.
Could Bitcoin reach $10 million?
When asked if Bitcoin could reach $1 million, Peter Schiff said it is possible, but if Bitcoin were to rise to this level, the price of gold would likely be even higher. He further explained that the price of Bitcoin reaching $10 million would only be possible in a scenario of severe inflation of the US dollar, similar to the hyperinflation experienced in Germany in the 1920s.
Peter Schiff explained:
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