Bitcoin: here’s when BTC will reach $10 million

Bitcoin showed resilience by maintaining a price above $42,000, rebounding from a decline over the weekend. As the crypto community closely monitors Bitcoin’s movements, the digital currency is encountering resistance at key levels, particularly at $43,600 and $45,589.

The recent launch of the first Bitcoin exchange-traded fund (ETF) in the United States has generated a mix of excitement and skepticism. Economist and Bitcoin critic Peter Schiff took the opportunity to reiterate his warnings about the fate of the cryptocurrency.

Fallout from the launch of the Bitcoin ETF

Despite high expectations surrounding the launch of the first BTC spot ETF in the United States, BTC failed to meet predictions, prompting Peter Schiff to assert an “I told you so” feeling. Schiff, known for his skepticism of BTC, had previously warned against the “buy the rumor, sell the news” sentiment. He now claims that the crypto industry is downplaying the decline, calling it a predictable event.

Schiff’s take on the value of Bitcoin

Reiterating his belief that the value of BTC will eventually fall to zero, Schiff claims that approved spot Bitcoin ETFs do not create new demand but simply change existing demand. It suggests that investors who might otherwise have invested in BTC or related stocks are now opting for the new ETFs, leading to a redistribution of demand. Schiff uses the metaphor of rearranging deck chairs on a sinking ship to emphasize that such actions will not prevent the inevitable decline of the asset.

The debate: 0 or 10 million dollars for Bitcoin

In the ongoing debate over the future value of Bitcoin, Schiff makes a bold prediction. He suggests that no matter how much the price of Bitcoin falls, its supporters will still assert its superiority over gold. Even in scenarios where BTC drops to $100 in 2031 and gold rises to $10,000, Schiff estimates that BTC proponents would argue for a 100x increase over the past 20 years, compared to that of gold 5 times.

Addressing the Possibility of a $10 Million Bitcoin

Faced with the hypothetical scenario that BTC would reach $10 million by 2031, Schiff diverts the debate by highlighting the potential demise of the US dollar. He proposes that if the US dollar experiences hyperinflation similar to that of the German Papiermark, then a $10 million BTC could become plausible.

Bitcoin’s journey has been marked by challenges and controversies, with opinions on its future value remaining divided. Schiff’s persistent criticism, rooted in skepticism and a long-held belief in Bitcoin’s eventual demise, contributes to the ongoing debate. As the cryptocurrency landscape evolves, attention from investors, enthusiasts, and critics is intensifying, awaiting crucial developments that will define the trajectory of BTC in the years to come.

Also read: US government to sell $130 million worth of Bitcoin on the Silk Road


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