Peter Schiff speculation, bitcoin will never hit $50k

[bbc.reporter]

Let us balance the speculation subforum with some of Peter Schiff's permabear trolling. We cannot listen to Tom Lee all the time, can we hehehe?



For a man that wants nothing to do with Bitcoin, economist and Euro Pacific Capital CEO Peter Schiff never misses an opportunity to share his opinions about the cryptocurrency.

His latest prediction? “Bitcoin will never hit $50k,” Schiff proclaimed today on Twitter.

Schiff is well-known in the world of finance as an unapologetic goldbug, a catalog of profitable investments—and, yes, correctly predicting the 2008 U.S. housing bubble and ensuing financial crisis.

Read in full https://decrypt.co/8627/bitcoin-will-never-hit-50k-says-crypto-skeptic-peter-schiff

[The Sceptical Chymist]

Never?  Given the bullish sentiment bitcoin has had lately, that's kind of an outlandish non-prediction on Schiff's part. 

As I've always said, people like him only say these things to keep their names in the news, which OP is helping to facilitate.  I won't argue that he's not a successful investor, but his permabull stance on metals is just silly IMO.  Let him say whatever he wants about crypto, his previous predictions about metals and/or the housing crisis don't lend him any credibility when it comes to bitcoin.

Someone please bump this thread when bitcoin hits $50k, eh?  I think a lot of us tend to forget about prognostications like this over time, and I'll be happy to see Schiff proven incorrect.

[exstasie]

That's definitely not the Peter Schiff in question.

For a man that wants nothing to do with Bitcoin, economist and Euro Pacific Capital CEO Peter Schiff never misses an opportunity to share his opinions about the cryptocurrency.

He's got a good racquet going. Talking smack about Bitcoin gives him a platform to pump gold (and his gold brokering business). And he's even managed to snag a few BTC donations out of it. Not sure he's smart enough to hold them though.

[pooya87]

people like him (stock brokers) tend to put their opinions out there so that if by any chance they came true, they could milk it later on and make up a reputation for themselves and make a ton of money from it. stock brokers don't invest themselves, they are like leaches that need a host to such dry while not risking anything themselves.

this dude did the same exact thin for 2008 financial crisis. he "puts his opinion" out there and milks it later with "i predicted it long before others". but when you look past the bullshit you see all those who invested with him lost up to 70% of their money in 2008! why? because he was full of it

this is a good gamble too. if bitcoin takes a couple of years to reach it, then he wins and can use the "i told you so" technique. and if price reaches $100k in a year from now, he is just another idiot lost among hundreds of idiots who made such claims.

[adaseb]

Saying it will never hit $50K is not much of a prediction. If he said it will never hit $20K then it would be a more accurate speculation. People don't realise that $50K is not going to happen anytime soon. Even if $20K breaks again, I can see maybe $25K or $30K shortly after but we got so much more liquidity now then 2017 that there will be lots of resistance out there.

Regarding him predicting the Housing crisis in 2008, there are many people that predicted that actually. Watch the movie the "Big Short" there were many indicators that the subprime credits are a huge risk to the economy and many assumed that the bubble will eventually burst.

[Wilhelm]

Maybe he thinks the $ will hyperinflate 

[slaman29]

Yes please, let's see more permabear talk. Because it seems whenever the bulls can't shut up and talk about some crazy unrealistic price gain, then Bitcoin just drops like a stone. I think we need all the bears to just cause price to dump so hard they get exhausted and then the bulls can go and stampede all over them.

Schiff, keep it up!

[mindrust]

That moron also said if he knew btc was going to moon to $20k, he would have bought shitton when it was $10 just to dump on us.

which means...

He doesn't know jack shit about bitcoin and he is proud with that.

Don't take his crypto predictions seriously, never.

[jaocoincrypto18]

It is contrary to John McAfee prediction that it will reach $1M in the end of 2020 but i will agree to Peter's speculation because i think that the more Bitcoin is become expensive to purchase is the more difficult to purchase it for an investment too. Small time investors are the majority in crypto community that instead of buying Bitcoin then they will be forced to shift to much cheaper Altcoins.

[NeuroticFish]

I have to say this almost every day: these statements are biased. His business is about stocks and gold, of course that he will tell that Bitcoin will fall and stocks / gold will rise.
People make predictions every day about Bitcoin just to be seen on TV/news. They are 100% worthless.

[mk4]

I mean, I don't think there should even be a debate on this. Are we really going to listen or give attention to someone that thinks that bitcoin's scarcity is useless just because bitcoin is easily fork-able and that there are other existing cryptocurrencies?

We should probably stop giving him unnecessary attention. If anything, we're actually helping him by giving him attention(regardless if negative or positive), not the other way around. Dude currently has 163k followers on Twitter. I'd bet money that he wouldn't have that much followers if people didn't give him attention when he first started trashtalking bitcoin.

[sunsilk]

Nyahaha Peter Schiff always add some flavor to the bitcoin market. Who even thought that bitcoin will hit $1k when it was on its first days?

Why the media is still giving him the chance to tell his opinion if everyone already knew it that he's a perma bear? he's obviously trolling and will probably never say good points about bitcoin until we see higher price. Well, exposure and content I think.

[Jating]

Nyahaha Peter Schiff always add some flavor to the bitcoin market. Who even thought that bitcoin will hit $1k when it was on its first days?

Why the media is still giving him the chance to tell his opinion if everyone already knew it that he's a perma bear? he's obviously trolling and will probably never say good points about bitcoin until we see higher price. Well, exposure and content I think.

You gonna give it to Peter Schiff though, we admire his permabull stance against bitcoin for many years now. Why the media is giving his attention? Because they love to hear what this guy has to say. And maybe rub it to him when bitcoin hits $50k or even 6 figure month years later.

Bitcoin is doing good, hitting 5 figure again and it makes him nervous though, what will be his stance when bitcoin hits another all-time-high? Just a bubble waiting to be burst argument?

[harizen]

Is his prediction really a big deal? Does it really make sense?

Honestly, his prediction is still considered as optimistic since why $50,000? Not $40ish not $30ish and so on. He is still bullish on that part.

Predictions like that nowadays are just a common day for Bitcoin. Up to others if they will buy it or not.

[BitHodler]

Peter Schiff is known to be a gold bug. It's also known that he doesn't like Bitcoin because of how his whole business revolves around gold. In other words, even when he likes Bitcoin, he will pretend to not like it at all.

I'm fairly sure that he isn't that bitter and knows how there is a lot to gain by having a 1-5% allocation to Bitcoin, which he might have, but he will never publicly support that what goes against what made him wealthy to begin with.

Realistically speaking, he can be totally right by saying that Bitcoin won't ever hit the $50k mark. We all just assume it will, but nothing guarantees that it will actually happen. Healthy skepticism isn't a sin.

[BrewMaster]

this is just as bad as Tom Lee and his predictions and his understanding of bitcoin market is probably at the same low level as Tom Lee too.

and just FYI you can find more of his statements among bitcoin obituaries https://99bitcoins.com/bitcoin-obituaries/ specially during 2017 when nearly every month he made a new statement about how bitcoin has no future and is headed for 0
specially when price was getting started to rise back in 2017 (price below $4k) he was saying it is a bubble!

[Lucius]

Let us balance the speculation subforum with some of Peter Schiff's permabear trolling. We cannot listen to Tom Lee all the time, can we hehehe?

Well, this article is also mentioned Tom Lee, since he is jump in this story also, but what else persons like Tom Lee or Peter Schiff would do then playing publicly on Twiter - they only miss Trump for the circus to be complete.

What to say to Schiff statement? Well, there is no logic in what he is saying, but not only about Bitcoin, he was also wrong with gold back in 2012 with his completely missed statement that gold will hit $5000 in 2014. Given the accuracy of his statements, Bitcoin will probably hit $50 000 very soon

[arpon11]

I have to say this almost every day: these statements are biased. His business is about stocks and gold, of course that he will tell that Bitcoin will fall and stocks / gold will rise.
People make predictions every day about Bitcoin just to be seen on TV/news. They are 100% worthless.

These men make their predictions on the selfish levels. If he wants us to believe his statements he should provide us with compressive analysis on how he thinks Bitcoin is not going to hit $50,000 in its entire life. We have many positive predictions from the cryptocurrencies enthusiast and since Schiff is not a cryptocurrencies enthusiast and as that his views will be how to keep gold pumping and bitcoin dumping!  I am seeing this prediction not standing as it was done on wrong motives and that motives are to make investors believe that investing in gold is better than investing in Bitcoin.

[DeathAngel]

Why do these people make these kind of predictions, 50k isn’t THAT far away with what we know about bitcoin.
The halving is less than a year away, these kind of people must enjoy looking like idiots.

I can only assume he’s investing & hasn’t filled his bags yet, there must be another motive. Nobody likes to open themselves to future ridicule, surely.

[gentlemand]

https://www.cnbc.com/2013/11/12/peter-schiff-calls-bitcoin-bubble-tulip-mania-20.html

'But while Schiff is confident that bitcoins are in a bubble, he does have a major caveat.

“I don’t know where the top is. Whether we’re at the end now, or whether it will keep going on for months or years, I don’t know,” he said. “I mean, you can play the game if you want.”


I could understand scoffing at 50 grand when this article was published. Not now. It could well be a totally empty bubble. It could still be achieved in a few short weeks.