By CCN Markets: The Bitcoin price has defied his bearish portents before, but goldbug and chronic crypto critic Peter Schiff just unleashed another ominous warning for starry-eyed crypto bulls: The Bitcoin price will never, ever reach $50,000.
Schiff was reacting to a taunt from Tom Lee. The Fundstrat founder was mocking Schiff’s prediction seven years ago that gold would rise to a price of $5,000 by 2014. That never came to pass - nor did it even come close.
Stung, the goldbug reminded Lee of his failed Bitcoin price prediction last year, reiterating that it will never see the light of day.
"My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k."
Schiff’s bearish Bitcoin sentiment coincides with the flagship cryptocurrency struggling to hold ground above the $10,000 level.
To his credit, Schiff has been consistent Bitcoin bear and has previously referred to the cryptocurrency as “fool’s gold."
However, Cole Walton, the head trader at Kanos Capital Management, told CCN that there's no reason to believe Bitcoin's long-term trend will break to the downside.
“Bitcoin has consistently added a zero on average every 2 years,” Walton said, signaling that this pattern is not about to end.
According to Walton, the Bitcoin price will exceed $50,000 when the block reward halves a little over eight months from now:
"After the halving of the block reward next May, bitcoin will have a stock to flow value very close to gold, according to the stock to flow valuation model put forward by @100trillionUSD. This implies a price target of $55,000."
If the Bitcoin price does eventually cross the $50,000 mark, it will not be Schiff’s first time to be proven wrong.
In 2013, Schiff called Bitcoin a bubble. The “bubble” has appreciated by over 700 percent since BTC's 2013 high.
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