Peter Schiff, founder of SchiffGold and a prominent gold bull and precious metals trader, has long been skeptical of Bitcoin, believing it to be worthless. He even predicted that investors would suffer disastrous consequences after the approval of a Bitcoin spot ETF. However, in a recent podcast with Anthony Pompliano, he made a surprising U-turn and claimed that Bitcoin could reach $100,000. He even went as far as suggesting that Bitcoin could potentially reach $10 million, but only in an environment of severe inflation for the US dollar, which would also drive the price of gold higher.
While Schiff believes that the price of Bitcoin could potentially double from its current level, he views investing in Bitcoin as more akin to gambling. He argues that Bitcoin is not a safe haven or a low-volatility asset reserve, unlike stocks and gold, which offer intrinsic value and the potential for dividends or jewelry production.
When asked if Bitcoin could reach $1 million, Schiff stated that it is possible, but in such a scenario, the price of gold would likely be even higher. He further explained that Bitcoin reaching $10 million would only be possible in a situation of severe inflation, similar to what Germany experienced in the 1920s.
Peter Schiff clarified:
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