Peter Schiff Anticipates Bitcoin Plunge as Gold Reaches New Heights
Economist Peter Schiff foresees a potential crash for Bitcoin as gold prices exceed $4,000.
Peter Schiff, a long-time critic of Bitcoin (BTC) and proponent of gold, has foreseen a significant downturn for the cryptocurrency, particularly as gold prices have exceeded $4,000.
Schiff’s Take on Gold vs. Bitcoin
Schiff expressed in a post on X that Wall Street’s optimism regarding cryptocurrencies has reached an unsustainable peak, indicating that the bullish sentiment might face a check.
“It’s very likely that Bitcoin and everything crypto are about to be rugged by gold.”
He believes that as gold surpasses the $4,000 threshold, Bitcoin may experience a sell-off, dragging down the entire cryptocurrency market.
As of October 8, Bitcoin’s price hovered around $121,600, reflecting a drop of over 3% from its recent peak of above $126,000, which was reported earlier in the week. Schiff argues that the recent surge in Bitcoin’s price should be seen as merely a ‘bear market bounce’ until it reaches a new record compared to gold.
Community’s Response
Not everyone in the cryptocurrency realm agrees with Schiff’s bearish outlook. Tech entrepreneur Brian Shuster countered Schiff’s views, challenging if it was ‘opposite day’ and suggesting that it could be gold, rather than crypto, that faces difficulties ahead.
The economist predicted that gold’s value could soar to $100,000 an ounce, based on historical price trends and the deteriorating value of the U.S. dollar. Schiff elaborated that if gold’s price can rise from $20 to $2,600, it might eventually reach levels between $26,000 to $100,000 per ounce.
