Investing.com – It has failed to break the psychologically significant $ 50,000 mark in the past few days. Some analysts see this as a critical hurdle. If the bulls make the leap over it, the path to the record high of around $ 64,700 would be mapped out.
What comes next is in the stars.
Somewhat surprisingly, Bitcoin critic Peter Schiff has now admitted that the BTC rate could make another huge leap up and reach $ 100,000.
In an interview with Coin Stories, the “Goldbug” talked about the price prospects and use cases for the cryptocurrency, but was ultimately as pessimistic as ever on this topic.
Bitcoin or would you prefer gold?
Peter Schiff is known for many things: he predicted the great financial crisis in 2007 and to this day he is fully committed to every opportunity. Within the crypto community, however, he is considered the ultimate pessimist who attacks BTC and Altcoins such as,,, & Co. head-on at every opportunity.
In an interview with Natalie Brunell from Coin Stories, the gold bug made it clear again how negative he feels about Bitcoin. For example, he contradicted the belief that the asset would ever be used as a means of payment for the broad masses of the population, which, according to the whitepaper, is Bitcoin’s ultimate goal.
Citing AMC Entertainment’s recent decision to accept BTC as payment, Schiff argued that even Bitcoin proponents like Anthony Pompliano don’t believe anyone would ever spend their holdings on tickets or popcorn.
In addition, the economist said that probably no landlord in the world would ever accept BTC to settle rent payments, the price is simply too volatile for that. Hence, he believes that the only use of Bitcoin is for people to speculate with it.
Instead, it can be used in many ways – as a medal in the Olympic Games, in electrical engineering and even in space. The fact that gold has always been used as a means of payment is another advantage that distinguishes it from Bitcoin, according to Schiff.
Goldbug Schiff regrets not investing in Bitcoin
Despite the numerous criticisms that he expressed in relation to Bitcoin, he did not want to deny that the cryptocurrency has been one of the best performers measured by the since its inception. In fact, it has achieved a return of 8,900,000 percent over the past ten years, beating the yellow metal by a long way.
With this in mind, the economist was reluctant to admit that he should have bought some portions of the asset when he first heard about it in 2011.
“Surely I wish I had bought Bitcoin the first time I heard about it – that was a gross mistake. Could I have invested $ 100,000? Yes, I could have. After all, I also put $ 100,000 in other things that turned out to be bad. “
Based on the current BTC rate, this results in an earnings potential of more than 100 percent.
“I could have been one of the Bitcoin billionaires by now, because I obviously knew about Bitcoin early on. If I could go back in time, that would be one of the things I would do now,” said the gold proponent.
Schiff also commented on the potential BTC price outlook. He admitted that it was entirely possible that the Bitcoin price could rise to $ 100,000 or even $ 1,000,000 per token. However, he made it clear that a rising price in no way means that Bitcoin is not a bubble.
On the contrary: BTC could develop into such a huge bubble that it even replaces the term “pyramid scheme”.
Peter Schiff is considered the ultimate crypto bear. When Bitcoin fell to $ 4,000 in the course of the Corona crash in March 2020, the gold bug said that the BTC price could fall much lower. In the end, his prediction turned out to be a low point. Since then, the world’s most important cryptocurrency has grown steadily. In April 2021, it hit its last record high at $ 64,700.