famous gold advocate Peter Schiff said that the bitcoin price of $ 100,000 cannot be ruled out, but that a permanent move to zero is inevitable.
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According to the Coin Telegraph, Schiff was known for his constant criticism of Bitcoin, and he made many incorrect predictions about the price movement of the crypto asset over the years, choosing instead Paying gold investments.
During the price crash in March 2020, the gold advocate said that Bitcoin would drop to more than $ 4,000. Its prediction turns out to be the lowest, not the highest, level of a major price action.
Schiff said he got it wrong about a new all-time high, but he still called the $ 50K Bitcoin bubble the biggest bubble of all financial assets.
However, some of his forecasts for gold have proven inaccurate as well. In 2010, Schiff was reported to have said that the price of gold would range from $ 5,000 to $ 10,000 an ounce in the next five to ten years. In fact, the price of the precious metal barely exceeded $ 2,000 in 2020 before falling back to $ 1,700.
Schiff, who once said that Bitcoin will never reach 50,000 doubled the bearish expectation that Bitcoin (BTC) will eventually go to zero.
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In 2019, CNBC host Joe Kern predicted that Bitcoin's price would reach $ 55,000 by May 2020. Peter Schiff laughed at him at the time, saying that Bitcoin would not be worth 50,000.
Despite being somewhat delayed, Bitcoin's price reached an all-time high of over $ 50,000 this morning after rising 8% this week. Members of the cryptocurrency community on Twitter - including Ibn Pro-Dahab himself - threw Schiff's words back in the face.
and Schiff's son and a Bitcoin supporter, Spencer was quick to mock and draw some fun at his father's inability to admit that he might have been wrong about Bitcoin. p>
