Peter Schiff Believes Bitcoin Will Not Come Close To $20K High


According to a well-known investor and gold advocate, Peter Schiff believes Bitcoin will not set a new high in 2020. In his opinion, he claims that gold will acquire this status. The past few months were good for Bitcoin and also for gold. The dominant cryptocurrency experienced growth more than 150% from the lows in March, while his majesty the gold has grown 15%. These two facts are quite favorable for the assets as we are reading more in the upcoming bitcoin news.

Bitcoin

Because of what looks to be a synthesis of central-bank buying and easy monetary policies, gold reached sky limits throughout the previous few months. Gold is coming closer and closer to the all-time high and the likes are that it will continue in this manner. The “digital gold” Bitcoin, probably will not share the fate of the gold. Peter Schiff, the CEO of Euro Pacific Capital stated on June 28th:

“I’m just talking about the last 2.5 years. I was wrong not to buy Bitcoin 8 years ago, but anyone still holding it was wrong not to sell it 2.5 years ago. #Gold will likely make a new all-time high in 2020. BTC won’t even come close.”

Peter Schiff believes this will not happen but also he is not the only one that holds this opinion, that gold will perform quite good in 2020. The chief investment officer of Morgan Stanley Wealth Management, Lisa Shalett, in recent times argued that the U.S. dollar may be a peak. In this circumstances gold should experience the extremely good performance, she said:

“The dollar may be near a peak. If the dollar weakens, this may be a good time for certain investors to consider adding some gold to their portfolios.”

Despite Schiff’s skepticism about Bitcoin, there are many expecting BTC to move past $20,000 this year. Many are expecting Bitcoin to surpass the $20,000 milestone in 2020, beside the skepticism of Schiff.  Mike McGlone the senior commodity strategist of Bloomberg released an in-depth report on cryptocurrency at the start of 2020. In it, he wrote that there is a good chance Bitcoin to reach $20,000 this year. This forecast is based on an analysis that the current price action of Bitcoin has certain similarities to that observed after the halving in 2016.

 “Bitcoin will approach the record high of about $20,000 this year, in our view, if it follows 2016’s trend.”

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