Gold investor Peter Schiff suggests BTC could skyrocket to $ 100,000 and regrets not buying it in 2011. At the same time, Schiff remains skeptical about Bitcoin.
In an interview with Coin Stories, Schiff said he is still cautious about Bitcoin. The cryptocurrency skeptic is not sure if BTC will ever be used massively as a means of payment. He mentioned the recent decision by American cinema operator AMC Entertainment to accept BTC for ticket payments. Even bitcoin supporters are unlikely to be willing to spend it on tickets or popcorn, Schiff said.
In addition, the economist said that bitcoin would be unusable even in the rental sector, since no tenant would dare to accept cryptocurrency if its price could rise or crash. Therefore, the only value of bitcoin is that with its help people can make money on market speculation.
Schiff took the opportunity to once again highlight the benefits of gold, which can be used for various purposes: medal awards at the Olympic Games, electronics, and even the space industry. Since ancient times, gold has been used as a means of payment, and this can be considered another advantage over Bitcoin, Schiff added.
Despite this, he acknowledged that Bitcoin has become one of the most profitable assets since its inception. According to Schiff’s calculations, over the past decade, the return on investment in bitcoin has been 8.9 million, which is significantly higher than that of gold. Schiff admits that Bitcoin can show impressive growth, reaching $ 100,000, and in the long term, even close to $ 1,000,000.
At the same time, Schiff argues that the growth of the first cryptocurrency to such levels will indicate that bitcoin and the “bubble” can be considered synonymous. However, the economist reluctantly admitted that he should have bought bitcoin when he first heard about it in 2011.
“I wish I had bought bitcoin when I first found out about it. I made a serious mistake. I could have bought $ 100,000 worth of cryptocurrency, but I invested that money in something else, which turned out to be not a very good investment. But now I could become a cryptocurrency billionaire. If I could go back in time, I would, ”Schiff said.
The economist begins to radically change his mind about the first cryptocurrency. Last year, he argued that in ten years, investments in bitcoin will depreciate, and the BTC rate will not be able to stay above $ 9,000.
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