Peter Schiff Envisions Bitcoin Reaching $10 Million Under Extreme Conditions

Peter Schiff, President of Euro Pacific Capital and a critic of the leading cryptocurrency, has suggested that by 2031, Bitcoin’s price could reach $10 million under a highly hypothetical scenario.

If the U.S. dollar goes the way of the German Papiermark then I supposed that’s possible.

— Peter Schiff (@PeterSchiff) January 26, 2024

According to him, this would occur if the US dollar follows the path of the “German Papiermark.” This term unofficially referred to the currency introduced in Germany at the start of World War I in 1914, replacing the previous gold-backed mark.

In the early 1920s, the Papiermark depreciated due to hyperinflation. During these years, companies paid wages several times a day so workers could shop before prices rose again. The money supply grew so rapidly that the government couldn’t print banknotes fast enough, resorting to private printers, lowering quality standards, and other measures. The highest denomination banknote was 100 trillion marks. In 1924, during a monetary reform, the old currency was exchanged at a rate of 1 trillion to 1 Rentenmark.

Germany’s hyperinflation ranks as the third largest in modern history, following Zimbabwe in the early 21st century and Hungary during World War II. Schiff’s comments likely indicate how improbable he considers this scenario.

Initially, his comment was about comparing the returns of Bitcoin and gold. Schiff believes that cryptocurrency advocates, regardless of how much the asset’s price falls, continue to claim its superiority over precious metals.

“For example, even if Bitcoin falls to $100 in 2031 and gold rises to $10,000, they will claim that cryptocurrency has increased 100 times over the past 20 years, while the precious metal has only increased fivefold,” he stated.

Jeff Berwick, founder and chief editor of the The Dollar Vigilante newsletter, responded to his statement:

“Bro, in 2011 when gold was $2k and BTC was $10 you said BTC was going to zero and everyone should buy gold. 13 years later and gold is still at $2k and BTC is at $40,000. Just stop.”

Bro, in 2011 when gold was $2k and BTC was $10 you said BTC was going to zero and everyone should buy gold. 13 years later and gold is still at $2k and BTC is at $40,000. Just stop.

— Jeff Berwick (@BerwickJeff) January 26, 2024

Schiff is a consistent critic of the leading cryptocurrency. He has repeatedly predicted its fall to zero, and in November 2023, he called it a “cheap imitation” of gold.

Earlier in October, Schiff compared Bitcoin enthusiasts to a religious sect.