Bitcoin will collapse to $ 3,000 says Peter Schiff

Gold lawyer Peter Schiff has once again stirred controversy with his prediction that Bitcoin will fall to $ 3,000. According to the CEO of Euro Pacific Capital, this will happen before the gold reaches this value.

#Gold is up another $ 27 so far today, above $ 1,640, the new 7-year high in the U.S. dollar, and all-time record highs in other currencies. #Bitcoin is currently trading at $ 9,700. Which do you think will hit $ 3,000 first?

– Peter Schiff (@PeterSchiff) February 21, 2020

Schiff became famous when he predicted the collapse of the US real estate market from 2006-2007. He is known as a pessimist of the US dollar and a vocal critic of the American economic system.

To a large extent, Schiff’s ideas are based on the principles of the Austrian school of economics. He believes that central banks, such as the Federal Reserve, cannot resist the temptation to issue currencies until the value of the currency collapses. This has happened several times in the history of banking, the most recent example being Venezuela.

Schiff predicted that the Federal Reserve’s low interest rates will generate a bubble that will lead to a collapse of the real estate market. When his prediction came true in 2006, Schiff’s views began to be taken into account.

Bitcoin will collapse to $ 3,000!

However, he has proven himself a staunch cryptocurrency critic and a staunch supporter of gold as a safe asset. Schiff has recently claimed that the price of Bitcoin will drop to $ 3,000 and that this will happen before gold is valued at the same value.

But pro-crypto analysts claim that Schiff is wrong this time. Bitcoin did not exist when the US real estate market collapsed, and the Great Recession pulled the entire world economy down.

If assets away from traditional economic effects such as Bitcoin had existed, a large portion of the population would have moved their capital to them. Bitcoin has already proven itself to be a security asset like gold. Like gold, the price of cryptocurrency is not correlated with the stock market.

Schiff’s prediction is obviously a joke. The real question is what will happen first: will gold reach $ 3,000 or will Bitcoin reach its previous value of $ 20,000?

If gold doubles in price over the next two years, it means the world will face a new Great Recession.