TL;DR
- Peter Schiff predicts Bitcoin will fall below $58,000.
- Gold hit a new record, surpassing $2,586, while silver also rose.
- Schiff continues to maintain that BTC has no intrinsic value and is not comparable to either gold or silver.
Peter Schiff, a well-known Bitcoin critic and gold miner, has once again offered a pessimistic outlook on the future of the cryptocurrency market.
According to Schiff, Bitcoin (BTC) is destined to fall below $58,000, noting that the largest cryptocurrency by market cap has peaked and could experience a significant drop in the coming days.
Now gold is at a new record high, trading above $2,586 just as Bitcoin is poised to break below $58K.
— Peter Schiff (@PeterSchiff) September 16, 2024
He shared this forecast on his X account (formerly Twitter), where he compared Bitcoin’s performance to that of precious metals such as gold and silver, which have been on an upward trend.
Schiff noted that gold, an asset he has championed for years as a safe and reliable investment, has hit a new record, trading above $2,586.
On the other hand, silver has also risen, surpassing $31.
In contrast, Bitcoin has recently dropped below $59,000, reinforcing Schiff’s view that so-called “digital gold” is not comparable to physical gold or even silver.
According to the economist, Bitcoin has no intrinsic value, making it a risky investment compared to precious metals that have historically shown stability.
Schiff has been a consistent critic of cryptocurrency, dismissing its value as a store of wealth and a hedge against inflation, arguments often made by cryptocurrency advocates.
For Schiff, the BTC boom is just a speculative bubble that will eventually burst, and recent market behavior appears, in his view, to be aligned with that prediction.
Bitcoin vs. Gold: Different Perspectives
Despite Schiff’s negative views, other influential figures such as Robert Kiyosaki have expressed support for Bitcoin as a refuge from America’s mounting debt and economic woes.
Kiyosaki, author of the book Rich Dad, Poor Dad, recently claimed that Bitcoin, along with gold and silver, are key assets to protect against a dollar collapse, citing that US debt is over $35 trillion and still rising rapidly.
Meanwhile, Standard Chartered bank has also issued an optimistic report on Bitcoin, stating that the cryptocurrency could reach $125,000 if Donald Trump wins the next presidential election, or $75,000 if Kamala Harris emerges victorious.
However, the bank warns that regardless of the election outcome, Bitcoin will remain volatile, but with long-term recovery potential due to institutional adoption and regulatory reforms.
Despite divided opinions, Bitcoin remains a highly speculative asset, and its future is uncertain.
While Schiff continues to bet on gold as the true safe haven, other investors are confident that Bitcoin adoption will continue to grow as the financial world evolves.
The truth is that the debate between gold and BTC is far from over, and only time will tell which of the two assets will prevail as the best investment in the face of global economic uncertainty.
