Peter Schiff, a popular economist and financial broker, as well as a recognized author, has said that Bitcoin’s price will never reach $100,000. He also stated that Bitcoin’s pump is “finally over” and warned for an incoming dump.
Bitcoin’s Price Will Never Reach $100,000
It’s not uncommon to see quite a lot of predictions coming from a range of different people within and outside of the cryptocurrency community, especially when it comes to Bitcoin’s price. Some of them are optimistic, while others not so much.
Peter Schiff, a popular economist, as well as a recognized author, recently said that Bitcoin’s price will never reach $100,000.
Keep dreaming. Bitcoin is never going to hit $100,000!
— Peter Schiff (@PeterSchiff) November 8, 2019
His statement came in a thread where he warned about an incoming dump in the price, following its most recent surge.
“It looks like the Bitcoin pump is finally over. Get ready for the dump!” – said Shiff.
Indeed, there was a dump in Bitcoin’s price not long after his warning. As Cryptopotato reported yesterday, the price decreased from around $9,400 to $8600 in a matter of hours. This happened after Bitcoin tried to break the key support at the 200-days moving average a few times and failed.
Historically Bearish on Bitcoin
This recent bash of Schiff doesn’t really come as a surprise to people who are following the cryptocurrency scene. The economist is well-known for his negativity on the matter.
Following Bitcoin’s surge a few days back when the price jumped to $10,350 from around $7,400 in less than 24 hours, Schiff said that this is the work of “Bitcoin whales.”
“Bitcoin hodlers won’t sell as they believe they’ll get rich when #Bitcoin moons. Bitcoin whales get rich by selling now to realize their paper gains before a market crash wipes them out. The whales must make sure the hodlers don’t lose faith and cash out so that they can cash in!”
Naturally, one of the questions that he didn’t provide an answer for, was if this applies to all markets, as it most definitely sounds so.
In any case, we have yet to see whether or not Schiff is right on Bitcoin. However, with around 18.03 million bitcoins currently circulating, a price of $100,000 would imply a total market capitalization of $1.8 trillion which is astronomic, compared to its current state.