TL;DR
- Peter Schiff, a critic of Bitcoin, concedes its price could surge in the event of an extreme US dollar crisis.
- Despite his long-standing bearish stance on BTC, the cryptocurrency has continued to grow in value.
A Bullish Prediction at Last?
The well-known economist and one of Bitcoin’s harshest critics – Peter Schiff – touched upon the primary cryptocurrency again, claiming that its supporters would praise it even in the case of a severe crash:
“No matter how low the price of Bitcoin falls, its proponents will always be able to claim it’s outperformed gold. 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.”
However, BTC could also rally in the following years, with one X (Twitter) user provoking Schiff with a $10 million forecast by 2031.
Interestingly, the economist claimed this could become a fact should the US dollar experience the same collapse as the German Papiermark approximately 100 years ago.
The hyperinflation in Germany between 1921 and 1923 is among the most dramatic financial crises in modern history. Back then, the country struggled with numerous economic challenges following the heavy war debts after World War I, so it started printing more money to meet its obligations.
The process led to a devaluation of the national currency, which plummeted at an unprecedented rate. At one point, one US dollar was worth 4,210,500,000,000 German Papiermarks, with people carrying wheelbarrows full of money to buy basic goods.
Schiff’s Previous Bearish Statements
The economist’s harsh stance toward Bitcoin dates back to the early years of the cryptocurrency. In 2013, he opposed the theory that BTC resembles gold, arguing it is more like a “tulip mania 2.0.”
He also called the asset “a digital pyramid scheme” and forecasted its doom numerous times. In January 2023, he counseled HODLers to use BTC’s rally as an opportunity to cash out. Nonetheless, the price kept advancing, being 120% up since that advice.
Most recently, Schiff gave his two cents on the approved spot BTC ETFs in the USA, arguing that Gary Gensler (Chairman of the SEC) was “backed into a corner” to give the thumbs up. As such, he expects the agency to implement “onerous crypto regulations” that could negatively impact the industry and Bitcoin’s value.
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