Bitcoin skeptic Peter Schiff, who once claimed that Bitcoin (BTC) will never reach $50,000, is now saying that the possibility of Bitcoin reaching $100,000 cannot be ruled out.
In 2019, CNBC host Joe Kernen predicted that Bitcoin prices would reach $55,000 by May 2020. At the time, Schiff refuted this forecast and said “Bitcoin will never hit $50k.”
From the guy who had a $50,000 price target on Bitcoin for year end 2018. My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k.
— Peter Schiff (@PeterSchiff) August 21, 2019
Although slightly delayed, Bitcoin prices eventually hit a record high of over $50,000 this week. On Twitter, the crypto community made a comment on Mr. Schiff’s past remarks.
Schiff, however, said he “cannot rule out” the possibility of Bitcoin prices reaching $100,000 following his misprediction. On the other hand, he said, “It is inevitable that it will drop to zero.” “If you don’t want to gamble, you should buy gold,” Schiff, a Bitcoin skeptic and ardent supporter of gold, claims in his tweet.
Now that #Bitcoin has hit $50,000 I must admit that a move up to $100,000 can't be ruled out. However a move down to zero can't be ruled out either. While a temporary move up to $100K is possible, a permanent move down to zero is inevitable. If you don't want to gamble buy #gold.
— Peter Schiff (@PeterSchiff) February 16, 2021
Bitcoin breaks above $51k
On February 17, the premier cryptocurrency updated its historical maximum at levels above $51,000. At around 10:05 GMT, Bitcoin was trading near the $51,631 level on the Bitstamp exchange.
Data: TradingView.
According to the data aggregator CoinMarketCap, the market capitalization of Bitcoin has exceeded $960 billion. The Bitcoin dominance index has also risen to 61%.
Data: CoinMarketCap.
The flagship cryptocurrency broke the psychological mark of $50,000 on Tuesday, February 16.
Earlier, the founder of the cryptobank Galaxy Digital, Mike Novogratz, said that American companies will follow the example of Elon Musk and start investing in Bitcoin. In his opinion, this will lead to an increase in the price of the asset to $100,000.
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