Schiff’s remarks were in response to a question posed by a user, asking about the likelihood of Bitcoin reaching $10 million by 2031. In his reply, Schiff stated, “If the US dollar goes the way of the Deutsche Mark, then I assume that this is possible.”
Additionally, the economist engaged in a discussion about Bitcoin’s performance compared to his favorite asset, gold. Despite Bitcoin’s volatile nature, its proponents often draw comparisons to the precious metal. Schiff skeptically remarked that even if Bitcoin were to fall to $100 by 2031, while the value of gold rose to $10,000, Bitcoin supporters would still highlight its 100-fold increase in 20 years, in contrast to gold’s five-fold increase.
Recently, Schiff also shared his opinion on why Bitcoin hasn’t seen significant growth and even experienced price declines following the launch of spot ETFs. He criticized CNBC for what he perceived as biased coverage when it comes to discussions about investing in Bitcoin.