Peter Schiff: “in 10 years, investments in bitcoin will become worthless»

Peter Schiff: “in 10 years, investments in bitcoin will become worthless»

Economist Peter Schiff, known for his love of investing in gold, said that if you invest $12 million in bitcoin now, then in 10 years you will only be able to buy a bar of chocolate.

The discussion was started by popular cryptocurrency analyst Willy Woo, who reminded Schiff that if someone 10 years ago would have invested only $1 in bitcoin, now they could buy a luxury yacht for $12.8 million. And with the same amount invested in gold, the investor would now own $1.66 and could buy a Snickers bar.

“But if you invest $12.8 million in bitcoin now, you will be very lucky if in 10 years you will be able to buy at least a Snickers bar with your investment,” Schiff replied.

Peter Schiff has repeatedly spoken out against bitcoin and even said that he strongly doubts the mental abilities of people who choose to invest in cryptocurrencies instead of investing in gold. However, although gold has been growing since 2000, it is also quite a controversial instrument. For example, in 1980, gold was worth $2,200 an ounce, and now only $1,713.

Earlier, Willy Wu expressed the opinion that during the next “bull cycle”, the rate of the first cryptocurrency will reach $135,000. At the same time, some analysts believe that bitcoin is completing the 900-day accumulation phase and is preparing for a significant increase.

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