A prominent economist and well-known critic of cryptocurrencies shocked the financial world by suggesting that Bitcoin could potentially reach a staggering value of $10 million. Peter Schiff, who has often been vocal about his skepticism towards digital currencies, discussed this possibility on social media, drawing comparisons to the collapse of the German paper mark in the early 20th century. Schiff pointed out that if the US dollar were to experience a similar fate, Bitcoin’s value could skyrocket.
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.
Eleanor Ashworth is editor-in-chief at BTCNews. A Cambridge-trained journalist with 18 years across the Financial Times, Reuters and the Telegraph, she joined the crypto beat in 2017 after covering the Bank of England and HM Treasury. She holds the SABEW Best in Business award (2022) and was shortlisted for the British Journalism Awards (2023). At BTCNews she sets the editorial line for Bitcoin and macro markets coverage, with a focus on institutional adoption, regulation and central-bank policy. Based in London.
