In an interview with Coinage, renowned economist Peter Schiff shared his prediction that gold could reach $7,000, while continuing his harsh criticism of Bitcoin and the cryptocurrency market.
Peter Schiff, nicknamed the “Golden Beetle” of the economic world, raised his target to $7,000 and above after gold surpassed the $5,000 mark. However, Schiff primarily focused on Bitcoin, the leading digital asset.
Schiff argued that the theory frequently cited by Bitcoin proponents – “gold goes up first, then Bitcoin follows” – is completely false. Based on recent data, the renowned economist made the following claims:
He noted that gold has been breaking records since the start of 2024, but Bitcoin has lost more than 50% of its value compared to gold (BTC/Gold).
Schiff said that marketing Bitcoin as “digital gold” or “Gold 2.0” is a huge scam and claimed that Bitcoin has no true fundamental value.
Schiff attributed Bitcoin’s approach to the $100,000 level to two main factors rather than technological or financial success. He argued that Wall Street entered the market not because it believed in the properties of Bitcoin, but to profit from the gaming demands of its customers. He also pointed out that Donald Trump took a “pro-Bitcoin” stance to garner crypto votes and donations, which artificially increased the price.
Schiff also targeted Michael Saylor, one of Bitcoin’s biggest supporters. He claimed that Saylor had made billions of dollars in purchases over the past five years, but its return per share was lower than traditional investments like the S&P 500. According to Schiff, MicroStrategy has now entered a “Ponzi” type cycle.
*This does not constitute investment advice.