A Skeptic’s Journey
Peter Schiff, the gold evangelist known for his bearish stance on Bitcoin, might as well have stockpiled some crow as he continues to munch on it. Back in 2019, when CNBC’s Joe Kernen made a daring prediction that Bitcoin (BTC) would soar to $55,000 by May 2020, Schiff scoffed, declaring emphatically, “Bitcoin will never hit 50k.” Hmm, how’s that going for you, Peter?
The Bitcoin Upswing
Lo and behold, fast forward to today, and Bitcoin has outdone itself with a new all-time high of more than $50,000! After an impressive 8% rise this week, the top crypto asset has made some serious waves, much to the amusement of those on Crypto Twitter. Even Schiff’s own son, Spencer, a self-proclaimed Bitcoin enthusiast, took a jab at his father’s esteemed obliviousness.
Schiff’s U-Turn
Sticking to his guns—though somewhat instinctively—Schiff has now doubled down on his bearish prognosis. While he concedes that a Bitcoin price of $100,000 can’t be dismissed entirely, he insists on predicting a “permanent move down to zero.” You have to admire Schiff’s dedication to his narrative, even if it’s not winning him any popularity contests.
A History of Misfires
Schiff’s track record isn’t doing him any favors. In the tumultuous price crash of March 2020, he confidently claimed Bitcoin would sink well below $4,000. Well, newsflash: that was the bottom, not the top, of a remarkable comeback. “Got that one wrong,” he admitted regarding Bitcoin’s current high—but still declared it “the biggest bubble” of all financial assets. You’d think he’d learn to keep that bubble-popping hammer holstered.
Gold: Not Always Gleaming
If his crystal ball was foggy regarding Bitcoin, darkness looms over some of his gold predictions too. Back in 2010, Schiff forecasted gold prices soaring to $5,000 to $10,000 per ounce within a decade. Spoiler alert: it barely touched $2,000 before retreating to the $1,700 margins in 2020. Looks like Peter might want to consult a different set of charts next time.
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