In an interview with CNBC, Michael Saylor predicted that the price of Bitcoin will reach $13 million. However, Peter Schiff called this prediction ‘just nonsense’ attacking Bitcoin and praising gold.
With gold prices rising and Bitcoin plummeting, Schiff defended what he called the ‘supreme currency’.
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Saylor expects Bitcoin to reach $13 million
Michael Saylor appeared on CNBC’s Squak Box on September 9, where he expressed his optimistic outlook on Bitcoin.
Although the price of Bitcoin rose slightly on the day in question, Saylor emerged in the context of general downtrends. Anchor Joe Squack told Saylor: “You’re very brave, because there have been big ups and downs in the past.” When asked if he had gone through near-failure experiences, Saylor was confident.
Saylor pointed to his worst moments in his Bitcoin journey when Selfridge Bank failed. However, Saylor said the crisis benefited his company, Microstrategy, as it was able to make big profits.
Saylor described the current market similarly, saying that Microstrategically’s growth “outperformed every company in the S&P 500.” He added that the company has largely turned into a Bitcoin development company. Saylor also boldly predicted that the price of bitcoin would reach $13 million within 21 years, which would mean an increase of more than 22,000% compared to the current currency rate of $57,000.
Chef.. ‘Just nonsense’
Popular investor Peter Schiff launched a scathing attack on Saylor’s remarks, calling them ‘nonsense’. He noted that Saylor got a friendly audience on ‘Squak Box’ because ‘CNBC relies heavily on cryptocurrency ads and doesn’t push him enough.’
Schiff added that the Microstrategy valuation is down 40 percent from a 52-week high, and that returns are “not as rosy as Saylor describes and will get worse soon.” He also stated that “all funds have been generating positive returns since their inception,” distorting Saylor’s long-term claims.
Although Schiff defended gold, he wasn’t too enthusiastic about Bitcoin. He explained that some may turn to Bitcoin as a haven, but advised the public to diversify their investments in both Bitcoin and gold, adding: “Even if Saylor is right, you will still be rich.”
Battle between gold and Bitcoin
Schiff supported his pro-gold stances as its prices rose and Bitcoin fell. However, Schiff asserted that gold has the advantage of ‘intrinsic value’, while broadcasters questioned this idea, suggesting that the new generation may not find gold as attractive as it once was.
In the end, despite Schiff’s attack on Bitcoin, he acknowledged that some investors may find refuge in Bitcoin in the future.
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