Bitcoin Trading Over 50k - People Who Mocked, Are Quiet Now.
2021-02-17 | Eddy Morgan
Earlier in 2019, CNBC host Joe Kernen predicted that Bitcoin's price would reach $55k by May 2020. Peter Schiff
mocked him at the time, adding that "Bitcoin will never hit 50k".
Though somewhat delayed,
the worth of Bitcoin hits
a new all-time high of
over $50k this morning after rising 8%
within this week. Members of Crypto Twitter – along with the gold bug's own son - threw Schiff’s words back at him.
Within the wake of his predictions proving to be false, Schiff upped the ante,
adding that a Bitcoin price of $100k “can't be ruled out,” but a “permanent move
right down to zero is inevitable.” Schiff’s son Spencer, a Bitcoin proponent, was quick to poke some fun at his father's seeming inability to admit that he
might have been wrong about Bitcoin.
A renowned Bitcoin detractor, Schiff has made several incorrect predictions about the
cryptocurrency price movement over the years, choosing instead to push gold investments. Within the earlier crash of March 2020, the gold bug
added that Bitcoin would drop much further below $4k. His prediction
clothed to be
rock bottom, not
the highest, of
a serious price movement.
Schiff
added that he "got that one wrong" regarding the new all-time high, but still
called a $50k Bitcoin "the biggest bubble" of all financial assets. However, even
several of his gold predictions have proven to be less accurate. Earlier last year, Schiff reportedly
added that
the worth of gold would be "$5k to $10k per ounce
within the next 5 to 10 years." In fact,
the worth of
the valuable metal barely passed $2k earlier in 2020 before retreating to the $1,700 USD price mark.
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