Gold bug and crypto critic Peter Schiff has taken issue with Bobby Lee’s most recent price prediction that bitcoin will reach $1 million in the next five to 10 years.
Speaking at the Malta AIBC Summit last week, Lee said bitcoin’s price increases in a regular cycle involving bubbles and FOMO runs. Lee, who founded the BTCC exchange and crypto wallet Ballet, predicted that bitcoin’s price would increase five to 10 times its previous high following the next bubble,
Bitcoin’s price goes in waves. Every so-called bubble, every FOMO run, it could go up by ten or twenty times the previous high. So the next one could easily top $100,000 or even $200,000 per bitcoin…So I definitely think it will go up quite a bit in the next five to ten years.
On Saturday, Lee took to Twitter to further explain his prediction, saying that bitcoin will flip gold within the next 9 years on its way to a $1 million valuation.
#Gold is at about $8 trillion today, which is 50x the worth of #Bitcoin.
I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000.
And with all of the money printing that’s happening globally, $BTC will actually very likely be over $1 million! https://t.co/hbqGze38k5
— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) November 10, 2019
However, Peter Schiff took issue with Lee’s prediction and denounced him for misleading retail investors. Schiff claimed that outlandish price targets such as Lee’s only serve to excite hodlers while the “whales quietly abandon ship.”
It's nonsense like this, that is actually taken seriously, that keeps the hodlers on board while the whales quietly abandon ship. Bitcoin Price Will Hit $1 Million After ‘Two More Bubbles’: Bobby Lee https://t.co/IXNaprI61n
— Peter Schiff (@PeterSchiff) November 10, 2019
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