Peter Schiff After Bitcoin Hit $50K: I Got it Wrong

Peter Schiff, a well-known economist, gold proponent, and one of the most vocal opponents of Bitcoin, admitted that he was wrong about Bitcoin not hitting $50,000.

Bitcoin’s Price Hits $50K For the First Time in History

For the absolute first time since its inception, Bitcoin has hit the coveted $50,000 mark. The price has since retraced a bit but is still charting an increase shy of 3% on the daily. This has also brought the 7-day gains of BTC to about 7%.

As CryptoPotato reported earlier today, the historic milestone also means that BTC investors saw a return of 72% in 2021 alone. If we stretch the period back to the 2020 lows during the mid-March crash, this number grows to 1200%.

While the community is celebrating the milestone, it’s also worth noting that the road to $50K was paved with dips and traps all the way up. Just a month ago, Bitcoin’s price went from a high of $41,450 to a low of $30,261 in less than 48 hours, liquidating billions of leveraged positions and shaking out many traders.

Those who held on were rewarded, as 30 days later, the cryptocurrency finally touched the $50K mark. Of course, there are those who continue to call it a bubbly asset with no intrinsic value.

Peter Schiff Admits He Was Wrong… But Also Bashes Bitcoin (Again)

Back in 2019, Schiff got in a Twitter argument with Thomas Lee – the chief analyst at Fundstrat Global Advisors and a well-known Bitcoin permabull.

Lee had commented on an article where Schiff made a bold gold prediction about gold in 2021. Back then, he said that the precious metal would hit $5K in two years. Fast forward 9-years later, this hasn’t even come close to being true. Defending himself, Schiff attacked Lee for his failed 2018 BTC prediction, outlying that “gold will eventually hit 5K. Bitcoin will never hit 50k.”

Today, the economist said that he was wrong.

Ok, I got that one wrong. Now let’s see how long it stays above $50K or how many are smart enough to sell it up here.

Of course, it wouldn’t entirely be Peter Schiff if he didn’t take time to remind everyone that Bitcoin is a bubble.

A financial asset is in a bubble when its price has no relationship to its underlying present value or a reasonable expectation of its future value, and investor conviction in price appreciation is high and fear of loss is low. At $50K #Bitcoin is the biggest bubble of them all.

— Peter Schiff (@PeterSchiff) February 16, 2021

Featured image courtesy of Salt