Peter Schiff Confirms ‘Bitcoin Would Never Succeed As Money’

Euro Pacific Capital CEO Peter Schiff said those who did not follow his advice, and invested in Bitcoin (BTC) almost 10 years ago managed to make strong profits.

Euro Pacific Capital CEO Peter Schiff said those who did not follow his advice, and invested in Bitcoin (BTC) almost 10 years ago managed to make strong profits.

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.”

In March 2019, the agency has considered Bitcoin, XRP and EOS as cryptocurrencies having the best combination of acceptance and technology.

Over the last 24 hours, the Bitcoin inched down 0.44 percent to $9,684.92.  

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