In a recent tweet, gold bug Peter Schiff claims that Bitcoin, the largest cryptocurrency, will never be able to cross the $100,000 threshold.
The largest coin is currently slightly below the $17,000 level, according to CoinGecko data. Bitcoin peaked at $69,000 last November.
Schiff, a well-known financial analyst and investor, has been very vocal in his criticism of Bitcoin. He believes that cryptocurrency does not have any intrinsic value, as it has yet to prove itself as a safe store of value or currency.
Schiff is concerned that Bitcoin's lack of tangible utility makes its high market valuation difficult to justify and argues this renders it vulnerable to high volatility.
His Bitcoin price predictions have been largely inaccurate. In 2018, he predicted that the currency would fall to $1,000 and urged people to sell their Bitcoins before it happened. He also predicted in 2020 that the currency would reach zero. Neither of these predictions came true.
While Schiff's forecasts have not been accurate, it should be noted that he was right about the cryptocurrency bubble of 2021 when Bitcoin rose to an all-time high and then crashed soon after. He correctly identified this bubble before it popped, although he failed to predict its effects or exact timing accurately.