Euro Pacific Capital’s CEO and noted critic of Bitcoin, Peter Schiff, has predicted that in a very unlikely scenario, the price of the cryptocurrency could reach $10 million by 2031.
Schiff’s reasoning for this prediction involves the hypothetical situation where the US dollar follows the path of Germany’s paper mark, which was introduced during World War I and eventually became worthless due to hyperinflation.
In the early 1920s, the money supply grew so rapidly that the state could not keep up with printing new banknotes and resorted to desperate measures to obtain them.
The German hyperinflation is considered to be one of the worst in modern history, behind only Zimbabwe and Hungary during WWII. Schiff’s comparison serves to highlight how unlikely he believes such a scenario to be.
Schiff’s initial comment was in reference to the debate between the profitability of Bitcoin versus gold. He argues that even if the price of Bitcoin were to drop significantly, its supporters would still claim it to be superior to gold.
