He also suggested that Bitcoin appears more like gambling.

Janak9955

Peter Schiff, the prominent gold bull and founder of precious metals trading firm SchiffGold, has recently made a dramatic shift in his stance on Bitcoin. He now suggests that Bitcoin could reach $100,000 or even soar to $10 million, but only under the condition that the U.S. experiences severe hyperinflation. In such a scenario, he predicts that gold prices would also see significant gains.

Historically, Schiff has been a vocal critic of Bitcoin, deeming it worthless. Even after the approval of a Bitcoin spot ETF, he continued to foresee dire consequences for investors. However, in a recent appearance on Anthony Pompliano's podcast, he changed his tune, stating that Bitcoin could reach $100,000: "Can Bitcoin go to $100,000 or higher? Of course, it can, but I don't think it's worth betting on Bitcoin. Because there's not enough demand to support that kind of move. I just don't think Bitcoin's got the kind of upward momentum that would interest me."

While Schiff acknowledges the possibility of Bitcoin's price doubling in the future, he emphasizes that investing in Bitcoin is more like gambling. He contends that Bitcoin is not a safe haven and lacks the low volatility characteristic of asset reserves. In contrast, he believes investments with intrinsic value, such as stocks and gold, are more worthwhile, providing dividends and practical uses like jewelry. When asked about the possibility of Bitcoin reaching $1 million, Schiff states it's possible but thinks gold prices could be higher if Bitcoin were to reach that level.

He goes on to suggest that Bitcoin's price could reach $10 million, but the condition for this extreme scenario would be the U.S. experiencing some form of hyperinflation similar to what Germany went through in the 1920s. Regarding the idea of Bitcoin hitting $10 million, Schiff explains, "If Bitcoin goes to a million, you're a millionaire nominally, but in a hyperinflated country, like Zimbabwe, there are many millionaires. There are a lot of millionaires in Venezuela. But in these countries, these millionaires can't buy anything. So Bitcoin could go up in a hyperinflationary environment, but it doesn't actually represent a real gain in purchasing power."

Kapil334

Many people still get rich with this.

Shri333

It's also a very likely scenario.