Schiff expected the Bitcoin to become a fad in early 2011 when it was trading at nearly $30.
However, he remained skeptical throughout all these years, even when the Bitcoin began taking accelerated steps towards price hikes.
In October 2019, Peter Schiff predicted that the Bitcoin price would reach the $200 levels. Crypto analysts mocked those expectations, claiming that they lack accurate and sufficient criteria.
Schiff: Bitcoin is not cash
After the Bitcoin has leapt more than 40% since the beginning of 2020, the CEO still maintains his view that the “Bitcoin is not cash.”
Cryptolydian earlier reported experts as saying the Bitcoin will reach the coveted $100,000 mark before the end of 2020, while others predict that the price will reach a new all-time high of $27,000 by summer.
On 13 February, the Bitcoin reached a new peak of $10,497 after rising 42 percent since the beginning of the year.
The prices of altcoins also soared. NEM and Tezos (XTZ) have witnessed double-digit gains over the past week.
Anthony Pompliano, co-founder of Morgan Creek Digital, said Bitcoin may hit $100,000 by the end of next year on low supply and high demand.
“Bitcoin just hit $10,000. However, I still think that Bitcoin will hit $100,000 by end of December 2021. Fixed supply. Increasing demand. Time will tell.”
Most importantly, the flagship cryptocurrency has been upgraded to “A-” by Weiss Ratings on bullish performance.
Weiss said on its twitter account:
“The Weiss Crypto Rating for #BTC is now A- (excellent), thanks to improving fundamentals and positive price action ahead of Bitcoin’s next halving.”
Over the last 24 hours, the Bitcoin inched down 0.44 percent to $9,684.92.