Peter Schiff Claims Bitcoin Will Hit $10 Million, But There’s A Catch!

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Peter Schiff, a well-known economist, has recently speculated about the future potential of Bitcoin, suggesting that it could reach an astounding $10 million in value. However, this prediction comes with a significant condition – Schiff believes this would only happen in the event of a collapse of the U.S. dollar, drawing parallels between 1921 to 1923 to the hyperinflation that Germany faced with the Papiermark after World War I. It made the German currency drop and made it worthless.

Bitcoin at $10 Million? Schiff Shares Bold Outlook ETFs, BTC Value, and Much More.

Keeping this historical event in mind, Schiff says that Bitcoin fans are too bullish on the coin compared to gold even if it drops in value. His thoughts are transcribed from the futuristic scenario when Bitcoin price drops to $100 in 2031 while gold’s price goes up to $10K, Bitcoin supporters would still say it grew a lot more over 100 times in 20 years compared to gold. This shows how people who like Bitcoin tend to focus on its long-term growth. This shows how people blindly follow the trend. 

Furthermore, Schiff also keeps saying he doesn’t believe Bitcoin has any value on its own and is worried about financial instruments like Bitcoin ETFs that are linked to Bitcoin. His true opinion is that Bitcoin doesn’t have any value on its own; its value comes from what people think about it and the fact that there aren’t many of them. He also lashed out at the mainstream media which should have warned people about Bitcoin ETFs before they were released. He also tells people who might invest in these products that they could lose a lot of money. Hence Bitcoin’s long-term chances and the risks that come with the crypto market should be seen with a lot of caution.

Also Read: Bitcoin (BTC) Price To Take Deep Plunge? Matrixport Makes Bold Predictions at $36K

Bitcoin Wallet Decline Amidst Price Correction

Additionally, Santiment data shows a rapid decline in small Bitcoin wallets storing up to 1 BTC since October 2023. Bitcoin dropped to $38,555 in the last four days, closing 487,000 accounts. Thus, this price adjustment is reducing Bitcoin traders. According to analysts, Bitcoin traders’ feelings after ETF acceptance may explain this fall. Two months later, Bitcoin will halve, which normally boosts its price. Although ETF approval caused selling, experts believe the halving could boost Bitcoin’s price.