The price of Bitcoin will never reach $100,000

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Alex Dovbnya

The Gold Bug Made Another Bold Prediction About Bitcoin’s Future Price Action

In a recent tweet, gold bug Peter Schiff claims that Bitcoin, the largest cryptocurrency, will never be able to cross the $100,000 threshold.

The largest coin is currently slightly below the $17,000 level, according to data from CoinGecko. Bitcoin peaked at $69,000 last November.

Schiff, a well-known financial analyst and investor, was very vocal in his criticism of Bitcoin. He believes that cryptocurrency has no intrinsic value, as it has yet to prove itself as a safe store of value or currency.

As reported by U.Today, the gold bug recently warned that Bitcoin was heading towards zero.

Schiff worries that Bitcoin’s lack of tangible utility will make its high market valuation difficult to justify and says this makes it vulnerable to high volatility.

His Bitcoin price predictions have been largely inaccurate. In 2018, he predicted the currency would drop to $1,000 and urged people to sell their Bitcoins before that happened. He also predicted in 2020 that the currency would hit zero. None of these predictions came true.

While Schiff’s predictions aren’t accurate, it should be noted that he was right about the 2021 cryptocurrency bubble when Bitcoin hit an all-time high and then crashed soon after. He correctly identified this bubble before it burst, although he failed to accurately predict its effects or exact timing.

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