Gold bug Peter Schiff recently asserted that Bitcoin, the most popular cryptocurrency, will never be able to surpass $100,000.
According to CoinGecko statistics, the biggest coin is presently just below the $17,000 mark. Last November, the price of bitcoin reached a height of $69,000.
Schiff, a well-known financial analyst and investor, has criticized Bitcoin in a loud and public manner. Since it hasn't yet shown to be a reliable store of value or form of currency, he thinks that cryptocurrencies are worthless in and of itself.
Schiff worries that Bitcoin's lack of a practical use makes its high market valuation hard to defend and contends that this leaves it susceptible to severe volatility.
His estimates of the price of bitcoin have often been off. He foresaw the currency's decline to $1,000 in 2018 and advised people to sell their Bitcoins before it happened. He also stated that the currency would devalue to zero in 2020. Both of these forecasts were incorrect.
Although Schiff's predictions have not come true, it should be noted that he was correct about the 2021 cryptocurrency bubble, when Bitcoin reached an all-time high before falling sharply. Although he was successful in spotting this bubble before it burst, he was unsuccessful in properly predicting its outcomes or precise time.
