Bitcoin (BTC) price has soared above $50,000 and continues its ascent. At the same time, Bitcoin’s market capitalization of 1 trillion dollars has reemerged following the year 2021. Peter Schiff believes that Bitcoin could reach $100,000 in the coming period but also thinks there is an obstacle in the way. In the later part of the podcast dated February 13, Schiff engaged in a discussion about the U.S. economy and Bitcoin with technology investor and strong Bitcoin proponent Anthony Pompliano.
Will Bitcoin Continue to Rise?
According to the first cryptocurrency supporter, Bitcoin’s price could surpass $100,000, but even this price may not mean much to those who bought near $70,000 in 2021. Schiff commented:
Could Bitcoin climb to $100,000 or more? Sure, it could, but I don’t even think it’s worth betting on because it’s not that big of an increase. (…) I don’t think it’s upward enough to interest anyone anymore. (…) It’s been moving sideways for three years, (…) it almost reached $70,000 in 2021, this is 2024. (…) I can’t see the next catalyst for a rise.
Responding to Pompliano’s suggestion of a possible $1 million forecast, Schiff also admitted that Bitcoin could reach a million dollars:
However, this doesn’t mean you’re a millionaire if you own Bitcoin. You’re a millionaire on paper, but there are many millionaires in Zimbabwe, in countries experiencing hyperinflation. There are many millionaires in Venezuela, but their millions buy nothing, so Bitcoin might rise in this sense but it won’t really be going up.
The Future of Bitcoin
ETFs were also on the agenda for the prominent figure, who added more depth to his comments with a more detailed statement:
Moreover, Bitcoin was part of the “speculation and gambling movement (…) and Bitcoin had its own narrative with all these ETFs launched into the market, there are about a dozen Bitcoin ETFs and so there was a lot of hype that led to this rally. As expected, when the ETFs were launched, it was a ‘sell the news’ event and they all dropped about 20% very quickly. I think they recovered thanks to some renewed speculation and made new highs. I guess the ETF conference currently going on in Miami is probably being overhyped because of this.
While all this was happening, there was ongoing price movement on the Bitcoin side. In the past hour, BTC had lost the $52,000 level again and was trading at $51,943. Compared to the latest data from February 14, an increase of 20.83% was observed, which represented a 22.97% rise on the monthly chart.
