Bitcoin price will never hit $ 100,000? Gold Bug Beads Bulls

For the longest time, Bitcoin investors have been shooting at the moon, asking for the BTC price to hit high price points, such as $ 50,000 and $ 100,000. After all, Cryptocurrency has the potential to usurp traditional power schemes. But Peter Schiff, a leading gold investor, does not believe such gratitude will take place.

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Bitcoin Won't Hit Six Digits, Schiff declares

The prominent gold bug and libertarian investor noted in a recent tweet that "Bitcoin will never hit $ 100,000, "apparently in an attempt to curb the hopes and dreams of the industry's hopefuls. Bitcoin will never hit $ 1[ads1]00,000!

– Peter Schiff (@PeterSchiff) November 8, 2019

While Schiff did not explain his reasoning in this latest tweet, he has been quoted as saying that BTC is an unreliable store of value and a wrong investment, especially when they are germinated against precious metals.

Schiff's latest quip against Bitcoin comes shortly after he notes that the cryptocurrency market is set to fall to pre-2017 levels. As reported by this sale earlier, he believed the entire Bitcoin market is being manipulated by whales that are clear to dump on the market:

“BTC shutters will not sell because they think they will be rich when it groans. Whales get rich by selling now to realize the paper gain before a market crash wipes them out. The whales must make sure that the shutters do not lose faith and pay out so they can make money! "

Related Reading: Bitcoin Flag Technical Pattern Tips for 25% Price Rise to $ 11,600

PlanB's Model Begs to Differ [19659004] While Schiff believes Bitcoin will never reach a six-digit price point," one of the the most recognizable and accurate cryptocurrency pricing models.

PlanB's stock-to-flow scarcity model for Bitcoin, which uses cryptocurrency stock-to-flow ratios (effectively the inflation rate) and relates it to BTC's market value.

The linear regression model, which produces a 95% R2 (extremely accurate statistical lingo), predicts that BTC's fair value will reach somewhere between $ 50,000 and $ 100,000 after the May 2020 half-life event. As absurd as this may sound, PlanB's research has also found that Bitcoin is always trending toward the fair value indicated by the timely model.

It's not just the lack of BTC that will be a boon to the cryptocurrency markets. Earlier this year, Anthony Pompliano sat down on CNN to talk crypto. In the interview, Pompliano made the jaw-dropping claim that Bitcoin will hit $ 100,000 dollars over the next two odd years.

While this may seem completely absurd, he believes the collapse of halving and the increased liquidity and inflation risk created by central banks can raise BTC soaring – even to the moon, so to speak.

This pricing model and predictions may seem optimistic, but many are betting on the fact that BTC will exceed $ 100,000. Brad Mills, a popular industry commentator, reminded Schiff that a $ 100,000 BTC would give the cryptocurrency a "$ 2 trillion dollar market value," which is "still peanuts compared to the market's ceiling on gold."

Related Reading: Gold Plunges After Dow Records New High; Why Bitcoin Can Rise
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