The gold bull and bitcoin naysayer, Peter Schiff has said that the leading cryptocurrency will never make it to $50k.
As it stands, I can see where Schiff is coming from. Given that the market is being very volatile and struggling to reach even $11k, $50k is a bit of a dream at this point. That being said, we saw bitcoin reach its all-time high of $20k at the end of 2017 so who knows what could happen!
Speaking in a debate on Twitter, Schiff and Fundstrats Thomas lee had some varying opinions on cryptocurrency, although it was only short-lived.
Initially starting as a tweet from Schiff talking about the 2008 financial crisis and a recent interview between CNBC’s Joe Kernen and Morgan Creek Digital’s Anthony Pompliano, the Twitter thread saw Lee get involved too.
“Just watched Joe Kernen's love fest with Anthony Pompliano as he touted Bitcoin. Prior the 2008 financial crisis, when I was still invited on CNBC, Joe was critical of my advice to buy gold. Joe was wrong to be bearish on gold then, and he's wrong to be bullish on Bitcoin now!”
Kernen responded with nothing but a link to an old CNBC article where Schiff predicted Bitcoin to reach $5k, which is yet to come to fruition.
In responding to Kernen’s tweet, Lee chipped in to simply put, “Hahaha. This is hysterical.”
Clearly, Lee getting involved with conversation didn’t bode well Schiff as this is when Schiff gave his harsh words on Bitcoin never reaching the $50k range.
“From the guy who had a $50,000 price target on Bitcoin for year end 2018. My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k.”
In terms of price, bitcoin it currently valued at $10,136 following a one percent increase over the past 24 hours. Whether it will ever reach $50 is unknown but as crypto enthusiasts we can only keep our hopes high and fingers crossed for the best.