Schiff’s Extreme Hypothesis On Bitcoin’s Ascent To $10 Million
This bold statement arises from the Economist’s comparison of Bitcoin’s potential growth trajectory to gold, highlighting the volatility of crypto assets and the spirited optimism of their proponents.
No matter how low the price of falls, its proponents will always be able to claim its outperformed . For example, even if Bitcoin falls to $100 in 2031 and gold rises to $10,000, they will claim that Bitcoin is up 100x in the past 20 years, while gold is only up 5x. — Peter Schiff (@PeterSchiff)Commenting under this post, an X user , “What if Bitcoin goes to $10,000,00 by 2031?” Schiff then replied with a “hypothetical” scenario that pivots on the dramatic collapse of the US dollar, akin to the fate of the German Papiermark post-World War I. During that period, Germany experienced rampant hyperinflation, devastating the value of its currency. Schiff suggests that only if a similar downfall of the US dollar happens does the BTC price catapult to $10 million. However, it’s important to note that this scenario is highly “hypothetical,” and the crypto critic is trying to convey that Bitcoin can only reach $10 million in an “extreme” case of economic turmoil.
If the U.S. dollar goes the way of the German Papiermark then I supposed that’s possible. — Peter Schiff (@PeterSchiff)
Community Reactions To Schiff’s Post
Notably, Schiff remains a staunch critic of Bitcoin. He recently expressed concerns about potential regulatory changes under the Securities and Exchange Commission (SEC) Chair Gary Gensler. He predicted increased regulations could raise Bitcoin’s transaction costs and adversely affect its market value.
Bro, in 2011 when gold was $2k and BTC was $10 you said BTC was going to zero and everyone should buy gold. 13 years later and gold is still at $2k and BTC is at $40,000. Just stop. — Jeff Berwick (@BerwickJeff)Mow, in particular, has that once Bitcoin surpasses gold’s market cap, gold could be relegated to its “industrial utility cost.”
Once surpasses gold’s market cap, gold will be demonetized to its industrial utility cost. — Samson Mow (@Excellion)
These responses from the crypto community showcase the strong belief in Bitcoin’s potential and its role in shaping the future of global finance.