BY DAYO ADESULU
Gold enthusiast, Peter Schiff has predicted that the price of Bitcoin which hit $50,000 is headed for $100,000.
He made this known via his Twitter handle: ”Now that bitcoin has hit $50,000 I must admit that a move up to $100,000 can’t be ruled out.”
Schiff, a critic of bitcoin and lover of gold had been saying since 2019 that the price of bitcoin would never reach $50K.
But when bitcoin price went pass $50,000, and bitcoin enthusiasts were criticising him on Tuesday, Schiff warned that though the price of bitcoin can reach $100,000, it might come back to zero.
While claiming he was not wrong in his prediction about bitcoin, Schiff said, ” I’m not wrong, I never said it was impossible. Sometimes things that are unlikely to happen, happen.”
He was however mocked by the bitcoin community on Tuesday after the price of bitcoin crossed the $50K mark.
Schiff added:: “A financial asset is in a bubble when its price has no relationship to its underlying present value or a reasonable expectation of its future value, and investor conviction in price appreciation is high and fear of loss is low. At $50K bitcoin is the biggest bubble of them all.”
But many users on Twitter accused Schiff of lying, reposting his 2019 tweet as evidence that he did say bitcoin’s price would never get up to $50K.