Peter Schiff, a well-known critic of Bitcoin, recently engaged in a thought-provoking discussion about Bitcoin’s value relative to gold. Despite his longstanding skepticism, Schiff has presented a scenario where Bitcoin could reach roughly $10 million by 2031.

However, the Bitcoin critic responded that this could happen under particular economic conditions.

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.

Commenting under this post, an X user asked, “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.

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.

The crypto community, however, often counters Schiff’s bearish outlook with a mix of criticism and humor. Influential figures like Samson Mow and Mike Alfred have directly responded to Schiff’s comparisons between Bitcoin and gold, often highlighting Bitcoin’s resilience and growth over the years.

Mow, in particular, has pointed out that once Bitcoin surpasses gold’s market cap, gold could be relegated to its “industrial utility cost.”

These responses from the crypto community showcase the strong belief in Bitcoin’s potential and its role in shaping the future of global finance.

Meanwhile, in the current market, BTC has shown signs of recovery. At the time of writing, Bitcoin is trading above $40,000, a notable increase from its earlier values of below $39,000 earlier this week.

BTC price is moving sideways on the 1-hour chart. Source: BTC/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.





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