Peter Schiff, a well-known Bitcoin hater and gold bug, has once again made a bearish call for Bitcoin. He said the world’s largest digital currency will likely plunge under $58,000.
Schiff, the CEO and chief global strategist at Euro Pacific Capital, said that Bitcoin is performing similarly to gold, which has recently reached its historical high.
Peter Schiff Predicts Bitcoin Crash Amid Gold Surge
Gold has recently hit a record of over $2,586, as explained by Schiff, which supports that it is a strong asset. He also noted that while Bitcoin is going down, silver is rising and has crossed the $31 mark.
Schiff also pointed out that Bitcoin cannot be considered “digital gold” or “digital silver,” stating that it doesn’t hold value for long-term investment. Schiff’s criticism does not stop at the price differentials either.
He has remained very vocal, saying the leading crypto has no value and may have reached its zenith. In his reaction to the online reactions, he explained that it is sitting at a price that indicates a massive drop is close by.
Schiff Links Gold’s Rise to Economic Turmoil
Further, Schiff has also associated the rising prices of gold with other economic factors such as unemployment, inflation, and even a probable recession. He pointed out an interesting fact: gold usually performs well when the financial market is volatile.
Last week, Schiff praised gold, trading at $2,573, while ridiculing Bitcoin investors and the digital currency’s relentless fall. Schiff also complained about the media’s approach to the precious metal. He scolded CNBC’s Fast Money for ignoring gold even when it reached its all-time high.
According to Schiff, the media pays more attention to Bitcoin whenever it breaks new barriers. The same cannot be said of gold.
Robert Kiyosaki Defends Bitcoin Amid Economic Concerns
While Schiff is negative about Bitcoin, Robert Kiyosaki, the author of Rich Dad Poor Dad, has a different opinion. Recently, Kiyosaki called Bitcoin, gold, and silver tools that would help investors protect their assets from risks.
He noted that U.S. national debt, now over $35 trillion, is a problem that cannot be solved either by Trump or Harris. Kiyosaki has been vocal about the risks of holding dollars. He advised people to invest in physical assets such as Bitcoin and gold.
He is convinced that the interest rate cuts that the Federal Reserve might make during the next FOMC meeting will increase the value of Bitcoin, gold, and silver. Robert Kiyosaki said that real assets will rise when the Fed changes direction, and fiat currencies and US bonds will be less attractive.
Schiff’s view is, however, the opposite of Kiyosaki’s view. Both investors are unanimous that the traditional financial markets are grappling with certain problems, such as inflation and rising debt. While the DGB debate about Bitcoin’s future continues, the market stakeholders are still at a loss as to which direction will best benefit investors needing stability.
Standard Chartered Predicts Bitcoin Surge After Election
Schiff and Kiyosaki still hold their perspectives on Bitcoin, yet financial institutions are trying to predict its future. Standard Chartered Bank has come out with a positive outlook on Bitcoin, saying that the cryptocurrency could hit $125,000 if Trump wins the next election.
On the other hand, if Kamala Harris clinches the presidency, Bitcoin may hit $75,000 by the end of this year. Standard Chartered considers the fluctuation risks in the Bitcoin market, especially if Harris emerges as the winner.
The bank expects the price to drop initially and then gradually rise due to the positive effects of regulations and institutional investments in the cryptocurrency. While the election result may impact short-term price fluctuation, Standard Chartered claims that several factors will determine Bitcoin’s future, and the election is not one of them.
