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Peter Schiff allowed bitcoin to grow to $10 million, but with a condition
Peter Schiff, president of Euro Pacific Capital and critic of the first cryptocurrency, admitted that by 2031 the price of bitcoin could reach $10 million in a very hypothetical scenario.
According to him, this will happen if the US dollar follows the path of the "German paper stamp". This was the unofficial name of the money introduced in the country with the outbreak of the First World War in 1914 instead of the former gold-backed stamp.
In the early 1920s, the paper stamp depreciated as a result of hyperinflation. During these years, enterprises paid salaries several times a day so that employees could make purchases before the next price increase. The money supply grew at such a rate that the state did not have time to print banknotes, attracted private traders for this, reduced quality requirements and resorted to other tricks. The banknote with the largest face value was 100 trillion marks. In 1924, during the monetary reform, the old money was exchanged at the rate of 1 trillion for 1 rental stamp.
Hyperinflation in Germany is the third largest in recent history after Zimbabwe at the beginning of the 21st century and Hungary during World War II. Presumably, Schiff made it clear in this way how improbable he considers the described scenario.
Initially, his comment was about comparing the profitability of bitcoin and gold. According to Schiff, supporters of the cryptocurrency, no matter how much the price of the asset falls, still declare its superiority over the precious metal.
Jeff Berwick, founder and editor-in-chief of The Dollar Vigilante newsletter, responded to his statement:
Schiff is a consistent critic of the first cryptocurrency. He repeatedly predicted its fall to zero, in November 2023 he called it a "cheap imitation" of gold.
Recall that in October, Schiff compared bitcoin enthusiasts to a religious sect.
