Bitcoin Trading Over 50k - People Who Mocked, Are Quiet Now.

Bitcoin Trading Over 50k - People Who Mocked, Are Quiet Now.

2021-02-17 | Eddy Morgan

Bitcoin Trading Over 50k - People Who Mocked, Are Quiet Now.

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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