The economist suggested that in the coming years the price of Bitcoin will not crash to zero, as it will be supported by large companies buying up cryptocurrency. Retail investors will also prevent Bitcoin from sliding to zero, believes the crypto skeptic.
Schiff predicts that the price of Bitcoin will continue to fall, and sooner or later the crypto asset will return to the level of $100. The economist believes that in a hundred years the first cryptocurrency may even become worthless. The 'Golden Beetle' called investments in Bitcoin a gambling game, urging investors to put more capital into gold and other precious metals, considering the high performance of this type of asset in 2025.
In October, Bitcoin reached an all-time high of $126,000, but soon collapsed below $90,000. Currently, Bitcoin has slightly recovered and is trading at $92,000 with a market capitalization of $1.8 trillion. According to the president of Euro Pacific Capital, due to strong volatility, Bitcoin cannot be considered a reliable means of preserving savings.
In November, Schiff advised investors and traders to sell bitcoins as soon as possible while the BTC price remains above $100,000. Recently, the head of Euro Pacific Capital explained the fall of Bitcoin by the absence of intrinsic value in BTC — unlike shares of technology companies.
