Ever since 17th December 2017, Bitcoin enthusiasts have been crossing their fingers as they hope for its price to recover and hit either $19,000 or more. However, that might not happen based on Peter Schiff recent premise on Bitcoin. According to Peter Schiff, the current CEO of Euro Pacific Capital Inc, Bitcoin price will never hit $50,000.
Peter Schiff made his premise in a recent social media debate, on 20th August, where he was hosted by Joe Kernen- a CNBC news anchor. In the interview, Peter Schiff told Joe that,
“Bitcoin will never hit 50.”
Peter made the statement a month after he confirmed owning 0.124 BTC. On 4th July, Peter Schiff stated that he would have to hold his 0.124 BTC in his wallet that he had accumulated after 52 transactions.
That aside, Peter premise that Bitcoin will never hit $50,000 was a response to Tom Lee earlier prediction on Bitcoin. Tom Lee, a regular CNBC interviewee and co-founder of Fundstrat Global Advisors, had earlier on made consequential Bitcoin prediction that it would hit $50,000. At the same time, Tom Lee chimed in and described Peters’ gold prediction as hysterical.
Peter Schiff in an earlier interview, on 2008 with CNBC news anchor Joe, predicted that Gold would hit $5000. Referring to the interview, Peter wrote,
“Prior the 2008 financial crisis, when I was still invited on CNBC, Joe was critical of my advice to buy Gold. Joe was wrong to be bearish on Gold then, and he’s wrong to be bullish on Bitcoin now.”
In fact, by now, Peter Schiff believes that his Gold prediction was worth than that of Tom Lee on Bitcoin. Affirming this during the interview, Peter Schiff said,
“My gold forecast came a lot closer than your Bitcoin forecast.”
On top of that, Peter still argues and believes that Gold will still hit the $5000 prediction within 2 years time. Speaking in the live interview with Jackie Deangelis, CNBC Business news anchor, Peter said,
“Plus at least gold will eventually hit 5k within two years.”
Although Peter Schiff owns Bitcoin, he still argues and believes that Bitcoin will never hit $50000, but Gold will make it to $5000. As such, if truth be told, according to Peter, Gold has a promising future especially for the next 2 years than Bitcoin. Therefore, it is advisable to invest in Gold at the moment and you will rip great profits in two years time.
Have a profitable Gold Investment!