Bitcoin enemy and gold enthusiast Peter Schiff shared a post on his X account regarding the future of Bitcoin and suggested that the value of Bitcoin could jump to an unprecedented $10 million.
Famous Economist Peter Schiff Thinks Bitcoin Could Rise to $10 Million in Extraordinary Conditions
But Schiff bases his bold prediction on a scenario involving the collapse of the US dollar, similar to the hyperinflation witnessed by the German Papiermark after World War I.
The value of the German Papiermark dropped dramatically during the hyperinflation crisis between 1921 and 1923, making the currency almost worthless.
What if #bitcoin goes to $10,000,00 by 2031?
— Trendonomics by Harsh Dixit (@TrendonomicsHD) January 26, 2024
Schiff's speculative bet is based on the idea that Bitcoin could potentially reach the astronomical price of $10 million if the US dollar experiences a similar collapse.
It is important to emphasize that Schiff's projection is purely hypothetical and extreme, serving as a thought experiment rather than a concrete prediction.
Schiff also made a comparison between Bitcoin and gold, a precious metal he fervently supports. It highlighted a common trend among Bitcoin enthusiasts who tend to portray Bitcoin's growth as positive even amid price fluctuations.
As an example, Schiff presented a hypothetical scenario in which Bitcoin falls to $100 in 2031 while gold rises to $10,000. He stated that even in this case, Bitcoin supporters would emphasize Bitcoin's 100-fold increase in 20 years compared to the 5-fold increase of gold.
Economist skepticism towards Bitcoin extends to its perceived intrinsic value and investment vehicles such as Bitcoin ETFs.
Schiff consistently argues that Bitcoin lacks intrinsic value, relying solely on collective belief and its limited supply to maintain its value.
*This is not investment advice.
