Bitcoin Critic Projects Surprising Value for BTC

Peter Schiff is a famous American economist, gold expert and also Bitcoin is highly criticized,

However, he has recognized the huge potential of the leading cryptocurrency and even said that BTC could reach 10 million dollars in the future,

He also clarified that this would be possible only if the US dollar fallsAs happened with the German paper mark in the 1920s after World War I.

He papermark (German paper mark) lost practically all its value between 1921 and 1923, as a result of hyperinflation. Because of this, it is somewhat hypothetical that the most widely used and solid currency in the world, like the US dollar, would experience the same path.

Schiff’s comparison between gold and bitcoin

The economist made his point clear anti bitcoin position By highlighting the huge volatility of the cryptocurrency since its creation. Furthermore, he left a sarcastic message for BTC defenders:

“No matter how low the price of Bitcoin falls, its supporters will always be able to say that it has outperformed gold. For example, even if Bitcoin falls to $100 and gold rises to $10,000 in 2031, they will say that Bitcoin has increased 100x over the past 20 years, while gold has only increased 5x.

On the other hand, he questioned the intrinsic value of Bitcoin and the new BTC spot ETF recently approved by the SEC: “It has no inherent value and depends only on collective belief and lack of perceived value in it“, he expressed.

At this time, Bitcoin was rising by more than 5% and had slightly overtaken 42,000 USD,

It should be remembered that, after the launch of the BTC Spot ETF, the price per crypto token reached US$49,000, and then fell by more than 20% to US$39,500.