Wall Street tycoon Peter Schiff suddenly changed his tune during an interview and claimed that Bitcoin could reach $100,000, which was in stark contrast to his long-held bearish stance. But he also said that if Bitcoin reaches this level, the price of gold may be higher.
He said: "Can Bitcoin go to $100,000 or more? Of course, but I don't think it's worth betting on Bitcoin because there is not that much demand to support the rise. I just don't think the rise in Bitcoin is interesting enough."
“I mean, bitcoin has been sideways for three years now, it hit a high, it almost hit $70,000 in 2021, it’s 2024, and I just don’t see the catalyst for the next move higher,” he added.
Although Schiff believes that the price of Bitcoin may double from its current price, he pointed out that investing in Bitcoin is more like gambling. Bitcoin is not a safe haven or a low-volatility asset reserve. Stocks and gold are investments with greater intrinsic value that can earn dividends and make jewelry.
When asked if Bitcoin could rise to $1 million, Schiff said it was possible, but if Bitcoin rose to that level, gold prices would likely be higher.
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He further stated that the price of Bitcoin could reach $10 million, but this would only be possible if the US dollar experienced some kind of hyperinflation, like the hyperinflation experienced by Germany in the 1920s.
Schiff explained: “If Bitcoin breaks through $1 million, you are a nominal millionaire, but in countries that have experienced hyperinflation, there are also many millionaires in Zimbabwe and Venezuela, but the millionaires in those countries can’t afford anything.”
“So Bitcoin may go up under hyperinflation, but it’s not going up in a real sense.”
It is worth noting that Schiff’s outlook is similar to the recent position of Robert Kiyosaki, author of the well-known best-selling book "Rich Dad Poor Dad", that the price of Bitcoin will reach $100,000 by June this year.
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Kiyosaki has spent the past few years warning investors that the biggest crash in history is coming, the dollar will collapse, and has encouraged people to invest in "hard assets" such as gold, silver and Bitcoin.
But Kiyosaki has a different outlook for gold, warning that it could fall below $1,200 but insisting silver and Bitcoin will take off. He previously believed the S&P was about to plunge 70%.
Referring to Andy Schectman, owner of precious metals trader Miles Franklin, he wrote: “Andy Schectman raises a very important question, who is buying US bonds? Banks are buying gold not US debt.”
He continued: "What will happen if the United States has no money? How will the world work? What will you do without money? Gold may fall below $1,200, silver will take off, and Bitcoin will also take off. Please be cautious."
