Peter Schiff allows the possibility of the BTC rate to rise to $10 million if the dollar collapses

The entrepreneur is a well-known bitcoin skeptic and has previously made numerous claims about the poor quality of cryptocurrency assets

26.01.2024 - 15:25

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2 min

What’s new? Peter Schiff, the head of the brokerage company Euro Pacific Capital, known for his skeptical attitude to bitcoin, has allowed the possibility of the asset’s rate to rise by more than 240 times. However, according to Schiff, such a scenario only takes place if the dollar collapses. “If the US dollar goes the way of the German Papiermark then I supposed that’s possible,” the businessman said in response to Trendonomics blog author Harsh Dixit’s suggestion that BTC will reach the $10 million mark by 2031.

Source: Twitter.com

What else is known? The dialog originated under Schiff’s post, in which he stated that bitcoin supporters will continue to claim the cryptocurrency’s superiority over gold, no matter how low its price falls:

“For example, even if Bitcoin falls to $100 in 2031 and gold rises to $10 000, they will claim that Bitcoin is up 100x in the past 20 years, while gold is only up 5x.”

Last June, Schiff claimed that “there’s nothing of lower quality than cryptocurrencies” and that the bitcoin rally would soon end. In March, amid the closure of banks working with cryptocurrencies, he called for BTC to be sold as soon as possible before the crypto market collapses.

In November 2022, amid the collapse of crypto exchange FTX, Schiff said that “the race to get out of BTC is on.”

Meanwhile, major players in the traditional financial sector have now begun working with bitcoin, including investment firms BlackRock and Fidelity, which launched their own asset-based spot exchange-traded funds (ETFs) on January 11. The popularity of such products in the US has forced European fund issuers to reduce management fees.

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