Chonic crypto critic Peter Schiff promised that the Bitcoin price would never, ever hit $50,000. One trader told us he is dead wrong. | Source:
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By CCN Markets: The Bitcoin price has defied his bearish portents before, but goldbug and chronic crypto critic Peter Schiff just unleashed another ominous warning for starry-eyed crypto bulls: The Bitcoin price will never, ever reach $50,000.
Schiff was reacting to a taunt from Tom Lee. The Fundstrat founder was mocking Schiff’s prediction seven years ago that gold would rise to a price of $5,000 by 2014. That never came to pass – nor did it even come close.
Stung, the goldbug reminded Lee of his failed Bitcoin price prediction last year, reiterating that it will never see the light of day.
“My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k.”
From the guy who had a $50,000 price target on Bitcoin for year end 2018. My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k.
— Peter Schiff (@PeterSchiff) August 21, 2019
Schiff’s bearish Bitcoin sentiment coincides with the flagship cryptocurrency struggling to hold ground above the $10,000 level.
The Bitcoin price suffered a steep decline on Wednesday. | Source: TradingView
To his credit,