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The condition under which bitcoin will grow to $ 10 million is named
Peter Schiff, the head of the investment company Euro Pacific Capital, known for his criticism of cryptocurrencies, suggested that bitcoin could reach a price of $ 10 million by 2031. According to the expert, this will happen if the US dollar follows the fate of the German paper mark. However, he did not specify how likely he believes this scenario to be.
The German «paper mark» (Papiermark) is the unofficial name of the currency of the Weimar Republic, which was used from 1914 to 1923. This mark was issued in Germany after the abolition of the gold standard before the First World War. 10 years after its issue, it was replaced by a new currency at the rate of 1 «rent mark» to 1 trillion «paper marks».
If the U.S. dollar goes the way of the German Papiermark then I supposed that's possible.
— Peter Schiff (@PeterSchiff) January 26, 2024
Schiff’s comparison refers to the fact that the «paper mark» was a currency that depreciated during the hyperinflation in Germany in the early 1920s. The country was driven to rampant inflation by a large post-war public debt and money printing without any economic resources to back it up.
The discussion about the rising price of BTC $62,847.57 Bitcoin 1.13% Market capitalization $1.24 trillion VOL. 24 hours $0.53 billion began when Schiff noted that no matter how low the price of the first cryptocurrency falls, its supporters will always claim that it has surpassed gold. «Even if in 2031 bitcoin falls to $ 100 and gold rises to $ 10,000, they will claim that over the past 20 years bitcoin has grown 100 times, while gold has grown only 5 times ,» the economist wrote on social network X.
Peter Schiff became known for his accurate predictions about the 2008 financial crisis. At the same time, he is one of the biggest critics of bitcoin. Since Schiff began to claim that the first cryptocurrency would soon depreciate, it has risen in price by thousands of percent, but the economist continues to regularly predict a drop in the BTC rate.