{"id":10161,"date":"2024-01-26T12:42:38","date_gmt":"2024-01-26T10:42:38","guid":{"rendered":"https:\/\/forklog.com\/en\/peter-schiff-envisions-bitcoin-reaching-10-million-under-extreme-conditions\/"},"modified":"2024-01-26T12:42:38","modified_gmt":"2024-01-26T10:42:38","slug":"peter-schiff-envisions-bitcoin-reaching-10-million-under-extreme-conditions","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-envisions-bitcoin-reaching-10-million-under-extreme-conditions\/","title":{"rendered":"Peter Schiff Envisions Bitcoin Reaching $10 Million Under Extreme Conditions"},"content":{"rendered":"<p>Peter Schiff, President of Euro Pacific Capital and a critic of the leading cryptocurrency, has suggested that by 2031, Bitcoin&#8217;s price could reach $10 million under a highly hypothetical scenario.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">If the U.S. dollar goes the way of the German Papiermark then I supposed that&#8217;s possible.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1750730146053591402?ref_src=twsrc%5Etfw\">January 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to him, this would occur if the US dollar follows the path of the &#8220;<a href=\"https:\/\/ru.wikipedia.org\/wiki\/%D0%91%D1%83%D0%BC%D0%B0%D0%B6%D0%BD%D0%B0%D1%8F_%D0%BC%D0%B0%D1%80%D0%BA%D0%B0\">German Papiermark<\/a>.&#8221; This term unofficially referred to the currency introduced in Germany at the start of World War I in 1914, replacing the previous gold-backed mark.<\/p>\n<p>In the early 1920s, the Papiermark depreciated due to hyperinflation. During these years, companies paid wages several times a day so workers could shop before prices rose again. The money supply grew so rapidly that the government couldn&#8217;t print banknotes fast enough, resorting to private printers, lowering quality standards, and other measures. The highest denomination banknote was 100 trillion marks. In 1924, during a monetary reform, the old currency was exchanged at a rate of 1 trillion to 1 Rentenmark.<\/p>\n<p>Germany&#8217;s hyperinflation ranks as the third largest in modern history, following Zimbabwe in the early 21st century and Hungary during World War II. Schiff&#8217;s comments likely indicate how improbable he considers this scenario.<\/p>\n<p>Initially, his <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1750698000219775213\">comment<\/a> was about comparing the returns of Bitcoin and gold. Schiff believes that cryptocurrency advocates, regardless of how much the asset&#8217;s price falls, continue to claim its superiority over precious metals.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;For example, even if Bitcoin falls to $100 in 2031 and gold rises to $10,000, they will claim that cryptocurrency has increased 100 times over the past 20 years, while the precious metal has only increased fivefold,&#8221; he stated.<\/p>\n<\/blockquote>\n<p>Jeff Berwick, founder and chief editor of the <span data-descr=\"Dollar Vigilante\" class=\"old_tooltip\">The Dollar Vigilante<\/span> newsletter, responded to his statement:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;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.&#8221;<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">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.<\/p>\n<p>\u2014 Jeff Berwick (@BerwickJeff) <a href=\"https:\/\/twitter.com\/BerwickJeff\/status\/1750715563217977614?ref_src=twsrc%5Etfw\">January 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Schiff is a consistent <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-predicts-further-bitcoin-decline\">critic<\/a> of the leading cryptocurrency. He has repeatedly predicted its fall to zero, and in November 2023, he called it a &#8220;cheap imitation&#8221; of gold.<\/p>\n<p>Earlier in October, Schiff compared Bitcoin enthusiasts to a religious sect.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff, President of Euro Pacific Capital and a critic of the leading cryptocurrency, has suggested that by 2031, Bitcoin&#8217;s price could reach $10 million under a highly hypothetical scenario. If the U.S. dollar goes the way of the German Papiermark then I supposed that&#8217;s possible. \u2014 Peter Schiff (@PeterSchiff) January 26, 2024 According to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10160,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1138,1298],"class_list":["post-10161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"27","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10161","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=10161"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/10161\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/10160"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=10161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=10161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=10161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}