Bitcoin to $94,000? Peter Schiff Unknowingly Predicts While Poking BTC

Mon, 1/04/2024 – 10:50

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Renowned economist Peter Schiff has frequently found himself at odds with the cryptocurrency community due to his staunch support for gold and skepticism about Bitcoin. However, in an ironic twist, Peter Schiff himself may have inadvertently predicted optimism for Bitcoin — a scenario where its value could soar to $94,000.

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It began as another day of criticism, with Schiff aiming his usual jabs at Bitcoin and its holders. Yet, amid his commentary, a statement slipped — a figure that caught the attention of crypto enthusiasts and skeptics alike: $94,000.

Schiff had shared his excitement on X/Twitter as gold continued its parabolic run beyond its record highs, rising another $25 to break past $2,250.

In an X post directed at Bitcoin holders, Schiff stated that while gold’s “meagre” $25 rise might seem insignificant, its recent 3% two-day gain equates to about $450 billion of total market capitalization.

“Bitcoin pumpers are making fun of tonight’s meager $25 rise in the price of gold. But following Friday’s $39 rise, this 3% two-day gain equates to about $450 billion of total market capitalization,” Schiff wrote.

Aiming to take a swipe at Bitcoin, Schiff said, “To match that dollar gain, Bitcoin would have to rise by about $23,000 to $94,000.”

The Bitcoin community was quick to seize upon Schiff’s remark, taking it as a prediction for the BTC price in the days to come. Chad Steingraber, a crypto enthusiast, reacted, “And BTC will hit 100,000 soon.”

While Schiff’s comment may have been made in jest, the figure is not entirely without merit. Bitcoin has seen a meteoric rise of late, shattering expectations and reaching valuations that once seemed impossible.

Bitcoin rose to all-time highs of $73,750 on March 14; the success of spot Bitcoin exchange-traded funds launched in the U.S. on Jan. 11 was a key driver of this bullish momentum.

At the time of writing, BTC was down 1.11% in the last 24 hours to $69,570.

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