Key Points
- Well-known Bitcoin critic Peter Schiff predicts a drop in Bitcoin’s value below $58,000.
- Schiff dismisses Bitcoin’s comparison to gold, asserting that the cryptocurrency has no inherent value.
Peter Schiff, a renowned critic of Bitcoin, has predicted a bearish future for the world’s leading cryptocurrency, Bitcoin. Schiff suggests that Bitcoin is poised to fall below the $58,000 mark.
In a recent post, Schiff drew a comparison between Bitcoin’s performance and that of gold. As a strong advocate for gold, Schiff pointed out that gold has reached a new record high of over $2,586. He further mentioned that while silver has broken above $31, Bitcoin has slipped below $59,000. Schiff dismissed the notion that Bitcoin is the digital equivalent of gold or silver.
Schiff’s Stance on Bitcoin vs Gold
Although Bitcoin is often likened to gold due to its investment potential, Schiff strongly disagrees with this comparison. He firmly believes that Bitcoin lacks inherent value.
Schiff, who also serves as the CEO and chief global strategist of asset management firm Euro Pacific Capital Inc, believes that the Bitcoin market has likely reached its peak. He suggests that Bitcoin’s value may plunge significantly below $58,000.
Schiff recently celebrated gold’s price reaching $2,573, deeming it a fortunate day for gold investors. He also took the opportunity to mock Bitcoin, claiming that its speculators were out of luck. He further noted that record gold prices often indicate other economic issues, such as unemployment, inflation, and a potential recession.
In a recent critique of CNBC’s Fast Money show, Schiff expressed his displeasure at the show’s failure to mention gold despite its record high and the top-performing mining stocks. He argued that CNBC’s coverage is biased as it extensively reports on Bitcoin when it hits a new high.
Contrasting Views on Bitcoin
While Schiff is notorious for his criticism of Bitcoin, other prominent figures like author and investor Robert Kiyosaki have a more positive outlook on the cryptocurrency. Kiyosaki, the author of Rich Dad Poor Dad, recently advocated for the use of Bitcoin as a hedge against economic issues caused by US debt.
Standard Chartered, a financial services giant, has also offered a bullish opinion on Bitcoin. Geoff Kendrick, the global head of digital assets research, believes that Bitcoin’s climb depends on several factors and not solely on the outcome of an election. He predicts a potential rise to $125,000 or $75,000 by the end of the year, depending on the election’s outcome.
Despite the potential volatility, especially in the event of a Harris win, Kendrick believes that Bitcoin could regain its momentum as regulatory reforms and institutional adoption continues.
