Peter Schiff says that if this happens, the price of Bitcoin (BTC) could explode to $10 million.

TL; DR

Bitcoin critic Peter Schiff admits that the price could rise in the event of a major US dollar crisis. Despite the prolonged bearish position on BTC, the cryptocurrency continues to grow in value.

A cruel prediction at the end?

Peter Schiff, a prominent economist and one of Bitcoin's harshest critics, has hit out at the mainstream cryptocurrency again, saying that fans will appreciate it despite the dire risks.

“No matter how much the price of Bitcoin falls, its proponents will always be able to say that it is better than gold. For example, even if Bitcoin falls to $100 in 2031 and gold rises to $10,000, they say that in the last 20 years, Bitcoin has risen 100x, while gold has only risen 5x.

However, BTC could still rally in the coming years, with one X (Twitter) user Schiff predicting $10 million by 2031.

Interestingly, the economist He filed a claim This might be true if the US dollar experienced a decline like the German papiermark did about 100 years ago.

In the year The hyperinflation in Germany between 1921 and 1923 was one of the most dramatic financial crises in modern history. At that time, the country was facing several economic problems after the heavy war debt of World War I, so it started printing more money to meet its obligations.

The process led to the destruction of the country's currency at an unprecedented rate. One US dollar was once worth 4,210,500,000,000 German papiermarks; People were carrying wheel barrows to buy basic goods.

Schiff's previous bear statements

The economist's bullish stance on Bitcoin dates back to the cryptocurrency's early years. In 2013 he He resisted The theory that BTC is similar to gold, they argue, is like “Tulip Mania 2.0”.

He also called the property a “digital pyramid scheme” and predicted its demise several times. In January 2023 he He advised HODLers to use BTC rally as an opportunity to cash out. However, the price continued to grow, increasing 120% after that recommendation.

Most recently, Schiff gave two cents on spot BTC ETFs in the US. Arguing Gary Gensler (SEC Chairman) is “backed into a corner” to give a thumbs up. As such, he expects the agency to implement “severe crypto regulations” that could negatively impact the industry and the value of Bitcoin.