Peter Schiff Calls Bobby Lee’s $1 Million Bitcoin (BTC) Price Prediction “Nonsense”
In his prediction, Lee called for a “flippening” of gold in the next nine years, which means that the total market cap of Bitcoin would surpass gold in market cap in the near future. From a price perspective, this represents a roughly 50x increase, bringing Lee’s prediction to $500K.
From there, Lee extrapolates that global inflationary policies over the period will likely mean the $500K will be worth as much as $1 million.
#Gold is at about $8 trillion today, which is 50x the worth of #Bitcoin.
I predict the #flippening will happen within 9 years and $BTC will shoot up past USD $500,000.
And with all of the money printing that’s happening globally, $BTC will actually very likely be over $1 million! https://t.co/hbqGze38k5
— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) November 10, 2019
Bitcoin flipping gold in value is not an idea isolated to Lee. As we previously reported, Tyler Winklevoss, the founder of Gemini Trust, a New York-based digital currency exchange and custodian, also believes Bitcoin will surpass gold’s market cap in the future.
“We believe bitcoin is better at being gold than gold,” Winklevoss stated back in January. “If we’re right, then over time the market cap of bitcoin will surpass the ~7 trillion dollar market cap of gold.”
However, not everyone is sold on the Bitcoin flipping gold narrative. Peter Schiff, a market commentator and CEO of Euro Pacific Capital, denounced Lee’s prediction in a tweet on Saturday that included a Bitcoinist article that quoted Lee saying Bitcoin will hit $1 million after “two more bubbles.”
Schiff said, “It’s nonsense like this, that is actually taken seriously, that keeps the hodlers on board while the whales quietly abandon ship.”
In October, the long-time Bitcoin critic predicted the largest digital currency would fall below $2,000 as it completed the dreaded head and shoulders pattern. Instead, BTC ripped from $7,400 to $10,500 in a single day before pulling back.
It is unclear at this point whether Schiff still believes Bitcoin is headed to new multi-year lows following the recent move.
Image: Gage Skidmore / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.