Gold expert Peter Schiff, who once said that Bitcoin will never touch $50,000, has turned out to be wrong once again. Even though he admitted being wrong on the cryptocurrency touching a new all-time high of $50,000, he still calls Bitcoin the biggest bubble of all financial assets. He recently predicted that the leading cryptocurrency will hit $100,000 and eventually move towards zero.
Back in 2019, CNBC host Joe Kernen speculated that Bitcoin's price would reach $55,000 by May 2020. In response, Schiff said, Bitcoin will never hit $50,000. The speculation did come out almost accurate, yet delayed when the cryptocurrency recently touched the new ATH of $50,000 this week.
Responding to his prediction coming out to be false, Schiff predicts the price of the leading cryptocurrency will hit $100,000, although a permanent move down to zero is inevitable.
Schiff is well-known in the crypto community for his incorrect predictions of Bitcoin over the crypto asset’s price movements. He instead advocates for gold as an investment.
However, Schiff’s prediction on cryptocurrency is not the one that has proven to be less than accurate. In fact, it applies to gold too. For instance, in 2010, Schiff reportedly said that the price of gold would be $5,000-$10,000 per ounce in the next 5 to 10 years. However, the price of gold barely passed $2,000 in 2020 before retreating to $1,700.
Earlier this week, Bitcoin hit the $50,000 mark. However, the price has since retraced a bit. The historic milestone indicates that investors saw a return of 72% in 2021 alone. Compared to the 2020 lows during the mid-March crash, this is a significant boost up of 1200%.
Bitcoin’s journey to $50,000 was still paved with dips and pullbacks all the way up. Just a month ago, Bitcoin’s price went from a high of $41,450 to a low of $30,261 in less than 48 hours that resulted in the liquidation of billions of leveraged positions.