Peter Schiff Tells Tom Lee Bitcoin Will 'Never Hit 50k'

Michael LaVere
  • Peter Schiff criticized CNBC's Joe Kernen for promoting bitcoin over gold. 
  • The gold bug told Fundstrat's Tom Lee that bitcoin will never reach $50k.

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. 

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.”

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.