Fun

Peter Schiff Admits Bitcoin Could Reach $100K After BTC Price Soars Past His Expectations

News Feed - 2021-02-17 09:02:26

Peter Schiff Admits Bitcoin Could Reach $100K After BTC Price Soars Past His Expectations


Gold bug Peter Schiff has revised his bitcoin prediction after the price of the cryptocurrency exceeded his expectations, reaching an all-time high above the $50K level.He now says, “I must admit that a move up to $100,000 can’t be ruled out.” Nonetheless, the long-term bitcoin skeptic warns that the price can also drop to zero and one should buy gold instead. Peter Schiff Now Predicts Bitcoin Can Reach $100K


Euro Pacific Capital CEO and host of the Schiff Radio show, Peter Schiff, was mocked by the bitcoin community on Tuesday after the price of bitcoin crossed the $50K mark. The gold bug thought leader had predicted and emphasized repeatedly that bitcoin’s price would never reach that level.


After he was proven wrong on Tuesday, Schiff revised his stance, tweeting: Now that bitcoin has hit $50,000 I must admit that a move up to $100,000 can’t be ruled out.


Nonetheless, he warned: “A move down to zero can’t be ruled out either. While a temporary move up to $100K is possible, a permanent move down to zero is inevitable.” Schiff proceeded to recommend: “If you don’t want to gamble buy gold.”


The quintessential bitcoin skeptic elaborated: “A financial asset is in a bubble when its price has no relationship to its underlying present value or a reasonable expectation of its future value, and investor conviction in price appreciation is high and fear of loss is low. At $50K bitcoin is the biggest bubble of them all.”


Schiff had been saying since 2019 that the price of bitcoin would never reach $50K. However, he insisted on Tuesday that he was “not wrong” about his prediction, claiming that he only said that “it was highly unlikely.” He tweeted explaining: “I never said it was impossible. Sometimes things that are unlikely to happen, happen.”


However, many users on Twitter accused Schiff of lying, reposting his 2019 tweet as evidence that he did say bitcoin’s price would never get up to $50K. “From the guy who had a $50,000 price target on bitcoin for the year end 2018. My gold forecast came alot closer than your bitcoin forecast. Plus at least gold will eventually hit 5K. Bitcoin will never hit 50K,” Schiff wrote on Aug. 21, 2019.




His son, Spencer Schiff, chimed in and commented on his dad’s 2019 tweet: “Yeah you’d have to be nuts to think bitcoin will ever hit 50K.” Spencer then presumed that Peter Schiff’s next tweet about bitcoin’s price might be: Future tweet: ‘Now that bitcoin has hit $500,000 I must admit that a move up to $1,000,000 can’t be ruled out. However…’


The $50K bitcoin price has long been the subject of debate between Schiff and Max Keiser, a popular television personality and bitcoin proponent. Keiser has publicly said many times that bitcoin’s price hitting $50K will “trigger” Peter Schiff to panic buy the cryptocurrency. Peter Schiff has so far rejected the notion.


What do you think about Peter Schiff’s bitcoin prediction? Let us know in the comments section below. Bitcoin Hits $50K, Jumps 200% in 3 Months, USD Shorts Touch a Decade High MARKETS AND PRICES | 1 day ago Allianz Economic Advisor Says Argument for Bitcoin Is Evolving — More Companies Will Embrace BTC as Form of Payment MARKETS AND PRICES | 2 days ago Tags in this story Max Keiser, Peter Schiff, peter schiff bitcoin prediction, peter schiff bitcoin price, peter schiff crypto, peter schiff cryptocurrency, Spencer Schiff


Image Credits: Shutterstock, Pixabay, Wiki Commons Purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

New Crypto and Blockchain Association Launches in Iran
New Crypto and Blockchain Association Launches in Iran A recently established crypto industry association in Iran has commenced activities under the country’s chamber of com
$11 Trillion Offshore Assets Uncovered After 100 Countries Share Information on 84 Million Bank Accounts
$11 Trillion Offshore Assets Uncovered After 100 Countries Share Information on 84 Million Bank AccountsGovernments in nearly 100 countries have been sharing offshore bank account i
Topps Releases NFTs Featuring Science Fiction-Themed Collectible Card Series Mars Attacks
Topps Releases NFTs Featuring Science Fiction-Themed Collectible Card Series Mars Attacks On Monday, the sports and entertainment collectibles giant Topps announced the launch of n
US Senators Introduce Crypto Sanctions Bill — Expert Says It’s Overbroad, Unconstitutional
US Senators Introduce Crypto Sanctions Bill — Expert Says It"s Overbroad, Unconstitutional U.S. Senator Elizabeth Warren and 10 other lawmakers have introduced the “Digita
Core Scientific shares climb 12% after CoreWeave expands GPU hosting deal
Ana Paula Pereira7 hours agoCore Scientific shares climb 12% after CoreWeave expands GPU hosting dealCore Scientific will add 112 megawatts for CoreWeave’s GPUs and projects $2 billion in additional revenue from the 12
Finder’s Experts Predict Dogecoin Price to Hit $1.21 by 2025 and $3.60 by 2030
Finder"s Experts Predict Dogecoin Price to Hit $1.21 by 2025 and $3.60 by 2030 A panel of experts has shared their price prediction for dogecoin for the end of t
Address poisoning attacker sends $153K ETH to victim and agrees to negotiate
Christopher Roark5 hours agoAddress poisoning attacker sends $153K ETH to victim and agrees to negotiateThe attacker who pulled off a $68 million address poisoning scam has posted two messages agreeing to negotiate with
Research Shows 19% of Bitcoin’s Hashrate Is Managed by Publicly Listed Companies
Research Shows 19% of Bitcoin"s Hashrate Is Managed by Publicly Listed Companies According to findings stemming from a report published by Arcane Research, Bitcoin’s hashrat
While ETHW Has Lost 35% in 2 Weeks, PoW Network’s Defi TVL Swelled by More Than 1,200%
While ETHW Has Lost 35% in 2 Weeks, PoW Network’s Defi TVL Swelled by More Than 1,200% Since the cryptocurrency launched ethereumpow (ETHW) has seen spot market prices decline by
Bitcoin ‘no longer cheap’ — Fidelity revises medium-term outlook for BTC
Martin Young5 hours agoBitcoin ‘no longer cheap’ — Fidelity revises medium-term outlook for BTCFidelity Digital Assets maintained its positive short-term outlook for Bitcoin following the first quarter but revised
Game Developer Moonray PBC Raises $3.5 Million, Aims to Bring NFT and Blockchain Gaming to Bitcoin
Game Developer Moonray PBC Raises $3.5 Million, Aims to Bring NFT and Blockchain Gaming to Bitcoin On December 14, Moonray PBC, the developer behind the multiplayer action-role-pla
Russia’s Biggest Bank Sberbank Unveils Crypto Plans to Follow Upcoming Regulation
Russia"s Biggest Bank Sberbank Unveils Crypto Plans to Follow Upcoming Regulation The largest bank in Russia, the state-owned Sberbank, has reportedly unveiled i