Peter Schiff Says Bitcoin Will Never Hit $100,000

Well-known economist Peter Schiff, who is famous for his extremely skeptical attitude towards the main cryptocurrency, once again stated that BTC could never rise to $100,000. According to Schiff, the volatility of the main cryptocurrency takes many investors by surprise and for this reason can never be a stable asset.

Combined with what he believes to be low confidence in BTC, Bitcoin will never be able to reach the $100,000 mark. A financial expert wants to warn investors against rash investments.

One of the other main arguments that Schiff calls is the lack of any intrinsic value of BTC. Peter rightly noted that the cost of bitcoin depends for the most part precisely on the level of people's interest in the digital asset.

He believes that bitcoin will still have to prove its practical value and recommend it as a reliable means of saving money. In this regard, many digital asset enthusiasts will certainly disagree with one of the leading economists, since almost no bank can offer such a fast level of transactions with a sufficiently low level of commission.

While many cryptocurrency experts see bitcoin’s low price as a temporary drawdown, which, although it will drag on, will eventually stop, Schiff believes that BTC is on its way to $0.

At the time of writing, one bitcoin is valued at $16,930. Over the past week, the asset has risen by $300, which means an increase of 1.8%. The flagship digital currency always surprises Schiff and makes his predictions fall short. Peter was part of one of those 450+ times people declared bitcoin dead.

However, the digital asset, to spite the economist, ascended higher and higher. Just last year, BTC sank 70%+ and gave Peter Schiff a reason to rejoice.