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

TL;DR

• Peter Schiff, a critic of Bitcoin, admits that the price could rise in the event of an extreme US dollar crisis.
• Despite its long-standing bearish stance on BTC, the cryptocurrency has continued to rise in value.

Finally a bullish forecast?

Noted economist and one of Bitcoin's harshest critics – Peter Schiff – once again weighed in on the primary cryptocurrency, claiming that its followers would praise it even in the event of a severe crash:

“No matter how low Bitcoin’s price falls, its proponents will always be able to claim that it is outperforming gold.” Even if, for example, Bitcoin falls to $100 in 2031 and gold rises to $10,000, they will claim “Bitcoin has risen 100-fold in the last 20 years, while gold has only risen 5-fold.”

However, BTC could also recover in the following years, with one X user (Twitter) teasing Schiff with a prediction of $10 million by 2031.

Interestingly, the economist claims This could become a reality if the US dollar experiences the same crash as the German paper mark about 100 years ago.

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 struggling with numerous economic challenges due to high war debts after World War I and began printing more money to meet its obligations.

The process led to a devaluation of the national currency, which collapsed to an unprecedented extent. One US dollar was once worth 4,210,500,000,000 German paper marks, and people carried wheelbarrows full of money to buy basic goods.

Schiff's earlier pessimistic statements

The economist's tough stance on Bitcoin dates back to the cryptocurrency's early years. In 2013 he has against it The theory that BTC is similar to gold argues that it is more of a “tulip mania 2.0.”

He also called the asset “a digital pyramid scheme” and predicted its demise on multiple occasions. In January 2023 he has advise HODLers are using the BTC rally as an opportunity to cash out. Nevertheless, the price continued to rise since this recommendation and has increased by 120%.

Most recently, Schiff made his contribution to the approved spot BTC ETFs in the US, argue that Gary Gensler (Chairman of the SEC) was “backed into a corner” to give the thumbs up. Therefore, he expects the authority to introduce “strict crypto regulations” that could negatively impact the industry and the value of Bitcoin.

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