Peter Schiff: Bitcoin Will Hit $10 Million

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In mid-January, Peter Schiff, the head of Euro Pacific Capital, made a prediction that Bitcoin would face another collapse. This statement came as the BTC rate dropped below $40,000.

Schiff believes that the digital currency has reached its peak and a bearish trend will soon follow. However, in a surprising turn, last week Schiff stated that Bitcoin could potentially reach $10 million by 2031.

He believes this is possible if the US dollar depreciates similarly to the German mark, which collapsed in the 1920s after the abolition of the gold standard. Schiff pointed out that the devaluation of the German mark caused hyperinflation in the 1920s, leading to the economic collapse of the Weimar Republic.

He acknowledges that the chances of Bitcoin reaching such high value are low, but he reminds people that he has been predicting the collapse of digital currency for the past 13 years.