Prominent critic of Bitcoin and cryptocurrency in general believes that BTC will never make it to $200,000
Euro Pacific Capital CEO and Chairman of SchiffGold, economist, fund manager and podcaster Peter Schiff, who is also a long-term critic of Bitcoin as opposed to gold, responded to a comment on the future close to the price of BTC.
As always, he does not believe that the world’s flagship cryptocurrency will go high.
Here’s “The Only Bitcoin Price That Happens”
Gold bug Peter Schiff took to Twitter to respond to a tweet about the price level Bitcoin is likely to reach in the near future by early adopters of Bitcoin and Ethereum Davinci Jeremie.
Jeremie asked Schiff whether BTC will first collapse to $2,000 or soar to the $200,000 level.
The SchiffGold official claimed that the only goal Bitcoin can ever reach is $2,000 and that “$200,000 never comes” to BTC.
“Bitcoin to $20,000, Ethereum to $1,000”
Over the weekend, Schiff shared his expectations regarding the extension of the current price decline of the cryptos with the two largest market capitalization levels, of Bitcoin and Ethereum.
The gold proponent thought both cryptocurrencies would continue to dive; Bitcoin is expected to fall to $20,000 and the Ethereum price will fall to $1,000, according to his prediction.
Should this indeed happen, Schiff tweeted that the total market capitalization is likely to plunge under $800 billion from the all-time high of $3 trillion. He recommended traders and investors to not buy any crypto, including BTC and ETH, on the current dip.
To date, Bitcoin has managed to descend into the $24,186 zone on Bitstamp, losing 17.25% over the weekend.
Meanwhile, prominent commodities trader Peter Brandt believes that another bullrun for Bitcoin may start in 2023 and a new all-time high could be reached in early 2024. Thus, investors would have to wait for this remarkable event for roughly two years.
