peter schiff - Pwim.Net

Bitcoin’s Price Boom is Artificially Inflated, says Peter Schiff

Popular Bitcoin critic, Peter Schiff, once again has tainted Bitcoin negatively by describing its recent rally from $9,100 levels to hit $9,600 as a mere surge driven by market manipulation. He was responding to a comment tweeted by the CEO and co-founder of Gemini Exchange, Tyler Winklevoss, who posted that Bitcoin recorded a steller rally and has defied the doubt, uncertainty, and fear thrown by Goldman Sachs investment bank advising against investing in cryptocurrencies and Bitcoin.

Bath Salts to Bitcoin

Bitcoin has seen a strong recovery in the previous few days from lows of about $8.6k. At the time of publication, Bitcoin price sits comfortably above $9,600. But the most interesting thing is that such a rally normally faces public criticism as was recently pointed out by Goldman Sachs. Peter Schiff is also not convinced that Bitcoin price is authentic. He believes that mysterious Bitcoin whales are the ones who are influencing Bitcoin prices.

Schiff believes that whales are manipulating Bitcoin prices so that to downplay the impact of Goldman Sachs’s criticism. In his response, Schiff claimed that whales such as Winklevoss are intentionally manipulating the price of Bitcoin to downplay the significance of Goldman’s bad news. He then described Bitcoin as a pyramid scheme, which is running low on the supply of fools like Tyler Winklevoss who are pumping the price to keep rising.

Tyler Winklevoss then responded to Schiff by sarcastically saying that the supply of fools will not run out so long as individuals like Peter Schiff are around.

Though Tyler Winklevoss and Peter Schiff are at loggerhead with the claims of price manipulation, they both believe in two assets, which are stores of value: Bitcoin and gold respectively. The two gentlemen have on several occasions expressed their distrust in the actions taken by the Federal Reserve to continually print US dollars in an effort to offset the economic impact of the COVID-19 pandemic. They both agree that the ongoing money printing amid the coronavirus pandemic will cause a paradigm shift in the global economy.

They, therefore, advised their followers to invest in store of values such as Bitcoin and gold because fiat money will devalue ultimately. Schiff recently advised investors to buy silver and gold as a hedge against the inflation that he sees caused by the monetary expansion. Last month, Winklevoss said that the action by the federal reserve to print more money has set the ground for the increase of Bitcoin prices.

In the current difficult environment, market experts know the significance of storing and growing wealth in hard assets like gold and Bitcoin, which are not correlated to the traditional stock markets, thus immune to inflation.

“I Knew Owning Bitcoin Was A Bad Idea”, Claims Peter Schiff

Peter Schiff is a gold advocate, renown economist, and widely known investment professional who has been a strong critic of Bitcoin for several years. In January 2020, he tweeted that he could not access his Bitcoin wallet because of his invalid password and thus lost all his Bitcoin. This was a proof for him that owning cryptocurrency was a bad idea. He emphasized that he did not forget the password, but the wallet did not recognize the correct one. However, many people believe that Schiff may have orchestrated the whole event to simply deter others from investing in Bitcoin.

Image via Shutterstock

Bitcoin Price Will Hit $20,000 in 2020? Not Even Close Says Peter Schiff

Bitcoin has been having a good year and a very strong price showing since the Black Thursday stock market crash in March.

Since the COVID stock market crash on March 14, there has been a focus on the price of gold as the traditional store of value with the precious metal gaining over 15% since the dip. Bitcoin has gained more than 150% since March, after dipping below 4k recovering to its pre-crash levels faster than almost any other asset.

Bitcoin’s Safe Haven and $20, 000 Price

In Bloomberg’s Crypto Outlook April 2020 report, Bitcoin’s transformation into a safe haven asset like gold was said to have been accelerated by the coronavirus disruption. Taking into account that Bitcoin’s on-chain indicators are remaining price supportive, the report reveals that the coronavirus appears to be accelerating Bitcoin’s performance much more than the broad cryptocurrency market.

In their June report, Bloomberg predicted that Bitcoin’s price in 2020 could reach double of last year’s high of $14,000.

Despite these predictions and increased reporting of institutional adoption and even rumors that PayPal will begin offering Bitcoin sales to its 300 million users—investor Peter Schiff says an all-time high will be achieved by gold and he asserts Bitcoin won’t even come close to hitting a new high.

Peter Schiff Predicts Gold Not Bitcoin ATH

Over the past few months, Gold the price of gold has surged but it appears to be a combination of central-banks stocking up on the asset and investors reactions the money printing policies of the Federal Reserve and ECB to stimulate the economy.

One Twitter user directed his comments to gold-advocate Schiff, they said, “Since gold peaked over 8 years ago, its price today is back to that level, while the price of #Bitcoin has risen by over 150,000%. So which one of you has been wrong over the past 8 years? Bitcoin is in a bull market and headed much higher, yet you remain in denial.”

On June 28, Schiff replied, he tweeted, “I’m just talking about the last 2.5 years. I was wrong not to buy Bitcoin 8 years ago, but anyone still holding it was wrong not to sell it 2.5 years ago. #Gold will likely make a new all-time high in 2020. BTC won’t even come close.”

This time Schiff is not alone in his Gold price prediction. The CIO of Morgan Stanley Wealth Management, Lisa Shalett, also recently made the case that the US dollar may be reaching a peak and argued that gold should perform under such conditions. Shalet said: “The dollar may be near a peak,” she continued “If the dollar weakens, this may be a good time for certain investors to consider adding some gold to their portfolios.”

Will Bitcoin Replace Gold as A 'Traditional Safe-Haven Asset?' Experts Debate

There has been a lot of frenzy ongoing for traditional and crypto markets, with Bitcoin surging for the first time in months and crypto investors jumping at the occasion.

Why Is BTC Soaring?

Nigel Green, CEO and founder of financial consultancy firm deVere Group, addressed Bitcoin’s bullish traction on the crypto market and boldly stated on his Twitter platform that the cryptocurrency was potentially going to “knock gold from its long-held position” of being a safe-haven asset. On traditional stock markets, when stocks drop in value and inflation rises, the trend appears to be to invest in gold, seeing as it is deemed a safe investment.

Green furthermore elaborated and tweeted that the Bitcoin value on the trading market was “surging in tandem with gold on US-China tensions.” As sociopolitical tensions and power struggles are heightening between USA and China, the world’s two largest economies, Green is saying that there is a lot of potential of Bitcoin bullishly soaring even more, if new crypto investors and established BTC bulls took matters into their own hands and diverged from traditional stocks.

As if to prove the truth behind his educated statement, it appears that investors are very much branching out from traditional stock markets, with the global economy going downhill due to the ongoing pandemic and political battles. Bitcoin therefore may regarded by many to be more and more of a safe-haven asset.

Gold Is Also Soaring to The Skies

The price of gold has also been escalating, much to experts’ amazement. A lot of financial investors are speculating that this phenomenon may be due to the worsening of US-China trade and political tensions. Others looked at the economic stimulus package that US plans on delivering and as an explanation, they pointed to the drop of the US dollar resulting from mass money printing.

Investors may therefore turn more to gold and Bitcoin as hedges, leading to a surge in value for both financial assets.

Gold Takes Everyone By Surprise

The jump in gold came as a surprise to many market experts. It is regarded as an unusual phenomenon, because stock prices have also escalated recently, after a drop in early March when COVID-19 began spreading across the US.

Usually seen as a safe haven when stocks are falling or when inflation is rising, the rise of gold comes as a shocker for many, because none of the two mentioned phenomena are currently happening.

Batting For Team Gold- Peter Schiff

Gold-advocate and Euro Pacific Capital CEO Peter Schiff does not appear to share Green’s views on Bitcoin being a safe-haven asset, as the investor has long been known to be “team gold.” On July 27, he tweeted that in light of COVID-19 and the economic downfall resulting from it, the US Federal Reserve “will keep printing dollars until the dollar crashes.” In his opinion, gold investors are fully aware of this mass printing strategy, and so gold will keep on soaring.

What’s Next For BTC?

As for Bitcoin, since its recent surge past the $10,000 checkpoint on Monday, crypto investors are now interested in seeing the cryptocurrency reach the next mark – set at a critical $10,500.

Warren Buffett Changes Attitude on Gold, Not Bitcoin Reminds Peter Schiff

Warren Buffett has made a shock investment buying a stake in Barrick Gold Corp after previously calling gold a “non-productive asset.” Peter Schiff mocked the Bitcoin community reminding them that Buffet once called the cryptocurrency “rat-poison squared” and will likely never invest in Bitcoin.

Warren Buffett made some significant investment changes in the second quarter. Buffett has added a new stock to his Berkshire Hathaway portfolio by taking a stake in Barrick Gold Corp. Barrack Gold corporation is a leading Canadian mining company that produces gold with 16 operating sites in 13 nations.

Buffett has always been critical of gold, but now things have changed. He currently sees where profit would come from going forward. The price of gold has surged this year up almost 30% as investors have sought safe havens. Buffett’s current move to buy a gold stock has a significant impact as institutional investors would follow. The move not only ergo higher prices of gold but also prices of mining stock.

This clearly shows that Buffett is not positive on the US dollar or the US economy. He sees global central banks have entirely lost control as they are printing trillions and killing fiat money.

Coronavirus Crisis

Buffett has moved to pull out of stocks most affected by the COVID-19 related shutdowns. He did more selling than buying between April and June, Berkshire’s quarterly shareholding filing released on Friday 14th August 2020 made this clear.

Airlines were not the only stocks that Buffett sold during the coronavirus pandemic. Besides selling all his holdings in airline stocks, including Southwest Airlines Company, Delta Air Lines, Inc, American Airlines Group, Inc, and United Airlines Holdings, Buffett also dumped his bank stocks. The Berkshire Hathaway investor completely dumped all his holdings in Goldman Sachs and reduced his holdings in Wells Fargo by 26% and in JPMorgan Chase by 60%.

As the COVID-19 pandemic escalated, Buffett’s Berkshire has just acquired about 20.9 million shares of Barrick Gold Corporation, a position valued at $563.5 million at the end of the quarter. Hours after Buffett bought gold stock, the value of Barrack’s stock hit $29 from $26.99 on Friday 14th August.

The celebrated investor has also exited its holdings in Occidental petroleum corporation during the coronavirus pandemic. He also exited a position in Restaurant Brands International, the owner of fast-food restaurants including Popeyes and Burger King, which struggled as regional restrictions compelled dining rooms to close and customers stayed home more.

All bank stocks are in negative territory during this year, although they have not lost almost as much as energy and airline companies. Buffett may be shying away from banks due to the anticipation that loan defaulters could increase as the economic pain resulting from the pandemic continues, which Wall Street CEOs have recently warned of.

However, it was not all about selling, Berkshire has added to its earlier stake in Store Capital Corporation (real estate investment trust company) and its holdings in Liberty media corporation (US mass media company) and in grocery chain Kroger company.

Rat Poison Squared

Peter Schiff, the American stock broker, gold bull and enduring Bitcoin opponent was only too happy to remind the Bitcoin community that Buffet will likely never invest in the cryptocurrency.

Schiff tweeted:

“Bitcoin pumpers are exploiting Buffett’s decision to buy Barrick Gold. Since Buffet changed his mind about gold, he may change his mind about Bitcoin too. While he called #gold a non-productive asset, he called #Bitcoin rat poison squared. Buffet will never buy Bitcoin!”

He further added:

“Buffett’s decision to buy Barrick Gold and not Bitcoin or GBTC is a further condemnation of Bitcoin. Buffett clearly doesn’t thinks Bitcoin represents a threat to gold or its dominance as a safe-haven asset. Buffet knows #gold is here to stay and #Bitcoin is just a passing fad.”

Despite increasing institutional demand and growing mainstream investment, Schiff is the eternal Bitcoin bear. Meanwhile Bitcoin’s price continues to test the $12,000 resistance gaining close to $9000 since the March crash and gold has surged to nearly $2000.

Image source: Flickr: Shannon Patrick

Peter Schiff Sends Stern Warning to Barry Silbert Over Grayscale Bitcoin Trust Price Collapse

Peter Schiff is not happy with Grayscale investments’ national ad campaign that aims to push for more awareness of cryptocurrencies and to promote the mainstream adoption of Bitcoin and Ethereum.

Grayscale’s parent company CEO, Barry Silbert, announced the TV ad campaign on Aug. 7, 2020.

Peter tweeted that despite a massive TV ad campaign to pump the price, the Grayscale Ethereum Trust just experienced its lowest price drop since March and has fallen over 80% since its June high.

Institutional Investors Dump Shares

Peter Schiff has faulted Grayscale Investments crypto asset management company for failing to push the shares of its Ethereum Trust with its massive national TV ad campaign. Schiff thinks that Grayscale Ethereum Trust’s poor performance is like a major indicator for the more popular Grayscale’s Bitcoin Trust that was also featured in the same campaign.

Similar to what Schiff has said, Grayscale Ethereum Trust (the trust named, ETHE) took a significant beating over the past few months, falling over 80% from its June high when investors were willing to pay more than 1,000% premium to buy Ether.

The rapid decline began when a huge amount of ETHE shares became available for trading on the secondary OTC markets after the expiration of a year-long lockup period. On Tuesday, 8th September, ETHE share price sits around $49.2, the lowest level since the March crypto crash.

With the ETHE premium goes down, Schiff insists that it is a sign of “waning demand.”

Millennials Prefer Bitcoin, Older Investors Go for Gold

Peter Schiff, the well-known gold investor and the Euro Pacific Capital CEO, has been known for a long-time criticizing Bitcoin, claiming that it is not a good investment and calling it a pyramid scheme.

His son, Spencer Schiff, recently began investing in Bitcoin. But Schiff complained about his son buying more Bitcoin against his advice. Schiff began a poll asking his followers on Twitter if they want to follow his advice or his son’s. The poll showed that the majority of the Twitter community appeared backing his son.

Schiff continued his anti-Bitcoin narrative, stating that his “concern is for older (investors) who will lose a lot more, and who don’t have enough years left to make back what the loss.”

The poll came a few weeks after Schiff had asked the Twitter crypto community to send his son some Bitcoin for his 18th birthday.

According to JPMorgan Chase research, older investors tend to favor gold and bond funds, while millennials lean towards crypto and tech-related investments. Older generation investors appear to align more with gold, traditionally viewed as a safe-haven asset. On the other hand, millennials embrace crypto and tech-related investments more, despite volatility and other risks associated with cryptocurrency.

Peter Schiff’s Bank Investigated in Global Tax Evasion Probe, Gold May Be Dirty

Peter Schiff’s Euro Pacific Bank is currently under investigation by the Australian Tax Office for hosting numerous financial accounts linked to suspected money laundering and tax evasion crimes.

Offshore bank for tax evasion?

The Puerto-Rico based offshore bank, founded by American celebrity investor Peter Schiff, is currently being scrutinized by law investigators for helping numerous clients in tax evasion schemes and its professional conduct is currently being reviewed and questioned.

According to Australian news outlet The Age, multiple subpoenas are being issued in Amsterdam, the United States, Canada, and the United Kingdom to millionaires who have leveraged the Caribbean bank’s services to store their assets, in what reports call “the world’s largest tax probe,” conducted under Operation Atlantis. “Hundreds of account holders” from Euro Pacific are suspected of financial foul play, and investigators are currently reviewing the financial transactions of Euro Pacific clients to uncover tax evasion misdoings.

Among the wealthy Australian customers’ figures Simon Anquetil, a Sydney-based businessman who was held responsible for one of Australia’s biggest tax fraud crimes. According to The Age, should Euro Pacific be found guilty of harboring financial fraudsters and of conducting business illicitly, its partners Westpac and Perth Mint will also be held accountable.

Former Australian Federal Police investigator John Chevis revealed that he was very surprised when he discovered through investigations in 2017 that Perth Mint and Euro Pacific were connected. He disclosed that gold reserves, Peter Schiff’s favorite asset, may potentially be tainted at Perth Mint, bringing to question Euro Pacific’s integrity. Clarifying on the matter, he stated:

“I think there’s a significant risk that some of the gold held within the Perth Mint by customers of the Euro Pacific Bank may be held beneficially for criminals in other parts of the world.”

Defending his bank, CEO Peter Schiff denied that there had been any foul play at his bank. He said:

“It’s got nothing to do with reality. There’s a lot of things that a government could believe that might not be true.”

Euro Pacific targeted by Bitcoin hackers

He then stormed out of the interview. Peter Schiff, a seasoned American broker known for his anti-Bitcoin stances, has long publicly made it known that he was no fan of the mainstream cryptocurrency, even taking to Twitter in many instances to dispute the value of the digital currency.

Official reports shed insight on potential reasons behind the investor’s fear of Bitcoin, as it was disclosed that Euro Pacific Bank had previously targeted in a Bitcoin extortion scam. Per the Age’s report, former IT director of Euro Pacific John Ogilvie had encountered suspicious scammers in the past that brought to question the bank’s security and the employers’ use of legal loopholes to aid customers in “stashing untaxed income.” Ogilvie said:

“Anderson (Schiff’s business partner)’s computer was hacked three times over a two-year period, and at one point, Russians tried to extort the bank for a ransom of 1000 bitcoins, worth millions of dollars.”

Further investigations are still being carried out at the time of writing, as Euro Pacific is currently still being probed by tax investigators.

Image source: Gage Skidmore

Peter Schiff Mocks BTC Reliance on Platforms like PayPal, Says "Gold is Money, Bitcoin is not"

Renowned Bitcoin critic Peter Schiff is at it again, this time expressing his views on why Gold is more efficient as a means of payment than BTC, particularly when third parties like PayPal have to be involved.

Peter Schiff took to his Twitter handle and posted:

“Once a third party is introduced to store Bitcoin, it loses any perceived advantage it has over gold as a medium of exchange. With third-party storage it’s far easier and more efficient to use gold as a payment method than it is to use Bitcoin. Gold is money. Bitcoin is not.”

Peter Schiff’s end game with the tweet appears obvious, and that is to appeal to the biggest third-party cryptocurrency custody provider that just entered the space PayPal to look into the potentials of Gold. PayPal’s debut into the crypto ecosystem is significant to Bitcoin as the online payment giant can potentially encourage the platform’s over 300 million users to also leverage Bitcoin and digital currencies and should drive adoption.

The support for Bitcoin has stirred a bullish rally in the price of Bitcoin and enabling capabilities for purchasing and custody of Gold may also have a positive influence on the price of the age-long store of value.

The Unending Comparison Between Bitcoin and Gold

Bitcoin is a relatively younger asset that made its debut back in 2009 and the coming of the coronavirus pandemic brought in inflation that made many people turn to Bitcoin as a hedge against inflation, a function Gold has served for centuries.

The point of criticism for Bitcoin by Peter Schiff who is a prominent gold holder may come owing to his belief that Bitcoin’s price is artificially inflated through market manipulations.

While Peter Schiff ranks as one of the major critics of Bitcoin who believes Gold is a better-held asset, Bitcoin has seen more influx of investors who are unrelenting in stocking up their Bitcoin portfolio. Some of these veterans include Paul Tudor Jones, Mike Novogratz, and Jack Dorsey amongst others

Bitcoin Bulls Buy the Dip as Analytic Firm says BTC Price Recovery is Optimistic

Bitcoin’s price has recently corrected after weeks of making straight gains. The world’s largest cryptocurrency is currently trading at $17,323 at press time and is down by 3.5 percent in the past 24 hours.

Bitcoin’s price has failed to restest its all-time high, however, its price almost doubled since the start of September, which triggered an explosive rally. Bitcoin’s price rally was triggered when the cryptocurrency moved past its long-time resistance level at $12,000, and that PayPal would be supporting cryptocurrencies.

Upon retesting its all-time high, Bitcoin’s price retraced and crashed by over $3,000, however, it has remained above a few support levels. Bitcoin bulls are now motivated to buy the dip before BTC gains further bullish momentum. Anthony Pompliano, co-founder at Morgan Creek Digital and Bitcoin bull has recently announced on Twitter that he has bought more Bitcoin during the dip:

“I bought more bitcoin last night. I bought more bitcoin this morning. Dollar cost averaging and multi-year time horizons allow you to view price decreases as opportunities to buy a great asset on sale.”

Pompliano hit 400,000 followers on Twitter recently, and Bitcoin skeptic, Peter Schiff responded by saying:

“Congratulations to @APompliano for hitting 400K Twitter followers. You’re almost 100K ahead of me. However, I may have a chance to pass you after the #Bitcoin bubble deflates and real #gold remains the best safe haven and store of value left standing.”

Renowned Bitcoin critic Peter Schiff has long expressed his views on why he believes gold is better than Bitcoin. He believes that it is more efficient to use gold as a payment method than it is to use gold. Schiff said that gold is money and that Bitcoin is not.

Data from crypto analytics firm Santiment shows that Bitcoin has shown some red flags lately, including a high BitMEX funding rate, high social volume and mildly declining network activity. Santiment noted that Bitcoin’s BitMEX funding being sky-high is a modest concern for Bitcoin bulls.

The crypto analytics firm further noted that the ability for Bitcoin to reach $19,000 again would rely on Tether on exchanges remaining low. Santiment explained:

“The ability for #Bitcoin to return to $19k and beyond will likely coincide with $USDT on exchanges remaining low. #Tether exchange supply rises are reliable profit taking opportunity signals for $BTC.”

However, the analytics firm noted also noted that daily active addresses for BTC is still looking bullish in a long-term rising pattern, which is one of the best leading metrics to predict future price growth. Santiment concluded that this is a reason to be optimistic about a price recovery.

Peter Schiff Criticizes Sequoia Capital's Employee BTC Plans, Says It's An Attempt to "Sucker in Buyers"

Renowned gold bull and Bitcoin critic Peter Schiff has taken a dig at Sequoia Holding LLC, a software development and engineering company who recently announced that it will start paying its employees in Bitcoin (BTC). Peter Schiff has criticized the scheme, calling it is an attempt to “Sucker in buyers” amid the ongoing dip experienced by the cryptocurrency.

Bitcoin has been seeing a huge price retracement that suggests that the bull run it had sustained since the end of last year is coming to an end. At the time of writing, BTC is trading at a price of around $30,855.31, representing a 10.79% drop over the past 24 hours, and an overall loss of 19.63% on a seven-day period, according to CoinMarketCap. The bearish downtrend of the cryptocurrency has rubbed off on the entire crypto market. Currently, the sector’s market cap has once again dipped below $1 trillion.

Gold bull Peter Schiff had always faulted Bitcoin, saying it is a Ponzi Scheme whose frequent price runs form an unstainable bubble. Per his comments on Sequoia’s plans, Schiff tweeted:

“Sequoia Holdings isn’t paying its employees in #Bitcoin. It’s just a bunch of hype to falsely portray Bitcoin as money to sucker in buyers. Sequoia is offering to buy Bitcoin for its employees using part of their dollar salaries instead of the employees buying Bitcoin themselves.”

While the source of Schiff’s assertions remains unclear, his positioning lends credence to his old claims that Bitcoin needs more new buyers to remain inherently valuable.

How Steep is The Bitcoin Price Going To Fall?

The volatility associated with cryptocurrencies makes the ongoing fall in Bitcoin’s unsurprising. According to an earlier report by Blockchain.News, analysts including Carl Martin weighing in on the current trend have stated that Bitcoin is experiencing weakness in the short-term.

The December 2017 bull run in which Bitcoin crossed its first significant all-time high above $19,000 was accompanied by a massive correction that pulled the price down to $5,000 in the following months. With the ongoing dip, general speculation among analysts seem to all point to BTC veering close to $20,000 in the short term.

Gold Bull Peter Schiff Changes Bitcoin Price Prediction as BTC Smashes New Record of $50,000

Bitcoin has achieved a new record high of $50,000 as institutional support has continued to pile onto the cryptocurrency.

Institutional support backing Bitcoin

Currently, although it has pulled back slightly from its highs of $50K, market experts are expecting Bitcoin (BTC) to breach the $50,000 level again and soar to new heights. The amount of institutional investors backing Bitcoin has served to propel its value higher. At the moment, MicroStrategy, one of the leading institutional figures to add Bitcoin to its balance sheet, has announced that it intends to use the proceeds from its $600 million private offering to acquire more Bitcoin. Additionally, Canada’s Ontario Securities Commission has approved its second Bitcoin ETF by Evolve, which will be traded on the Toronto Stock Exchange.

The cherry on top of it all may be that Tesla has announced a $1.5 billion BTC purchase, which has served to draw renewed interest in the digital asset. Tesla founder Elon Musk’s support of Bitcoin has been monumental for the cryptocurrency industry, Coinfund head of liquidity investments Seth Ginns asserted. He shared with Bloomberg:

“The tailwind here is the continued institutional look at adding Bitcoin to the balance sheet, and Tesla is a game-changer in my view.”

While many market bulls have praised Bitcoin and have been excited about the new milestone, other skeptics have been persistent in keeping a more conservative outlook on the digital asset.

Peter Schiff not a Bitcoin fan

Gold bull Peter Schiff figures among the seemingly few who have not converted to Bitcoin. Previously, the renowned investor had said that “Bitcoin would never hit 50K.” Although Schiff is still far from being a Bitcoin pioneer, he has conceded that the digital asset may potentially reach a price mark up of $100,000 in the long run. Schiff said:

“Now that #Bitcoin has hit $50,000 I must admit that a move up to $100,000 can’t be ruled out. However a move down to zero can’t be ruled out either.”

He added that if investors wanted a safe bet they should “buy gold.”

Schiff’s son Spencer, who has long been a Bitcoin advocate, responded to his father’s tweet and quipped playfully at Schiff’s inability to admit that his BTC price prediction was wrong. He jokingly tweeted, “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…”

Bubble territory won’t dampen Bitcoin growth

Although Schiff admitted that he was wrong about Bitcoin never reaching $50,000, he still remains a huge Bitcoin skeptic. The gold bull called “Bitcoin the biggest bubble of them all.” Schiff would not be the only one that has ever doubted cryptocurrencies, as the volatility surrounding digital assets have driven away more than one Wall Street investor.

Previously, Shark Tank entrepreneur Mark Cuban had commented on the cryptocurrency sector’s volatility, comparing it to the internet stock bubble that occurred in the late 1990s. Although he thinks that many cryptocurrencies will be flushed out once a bubble burst occurs, Cuban predicts that Bitcoin and Ethereum will be among the few that will survive and rise to new heights of innovation.