Gold bug and crypto critic Peter Schiff has thrown down the gauntlet to bitcoin investors, by predicting that the price of BTC will never reach $50,000.
On Aug. 20, Schiff engaged in a social media debate involving Fundstrat’s crypto analyst and bitcoin permabull Thomas Lee over the future valuation for both gold and bitcoin. In a series of tweets, Schiff fired at CNBC’s Joe Kernen for promoting bitcoin and Anthony Pompliano while ignoring his previous advice to purchase gold.
Just watched Joe Kernen's love fest with Anthony Pompliano as he touted Bitcoin. Prior the 2008 financial crisis, when I was still invited on CNBC, Joe was critical of my advice to buy gold. Joe was wrong to be bearish on gold then, and he's wrong to be bullish on Bitcoin now!— Peter Schiff (@PeterSchiff) August 20, 2019
Lee got involved in the conversation, after referring to Schiff’s touting of gold as “hysterical.” In response, Schiff criticized Lee for predictingthat the price of bitcoin would reach $50,000 in 2018, and instead touted his own prediction for gold to reach $5,000 as a more accurate forecasting.
He concluded with the bold statement,
“Bitcoin will never hit 50k.”
From the guy who had a $50,000 price target on Bitcoin for year end 2018. My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k.— Peter Schiff (@PeterSchiff) August 21, 2019
This is not the first time Schiff has voiced his displeasure with CNBC for their coverage of bitcoin and seeming lack of interest in precious metals. Earlier in the month he published a storm of tweets accusing the network of attempting to “dupe” its audience over bitcoin.