Bitcoin Price ‘Will Never Hit $50K,’ Gold Bug Peter Schiff Tells Tom Lee
A social media debate turned prickly after Lee rubbished Schiff’s prediction of a $5,000 gold price.
“This is hysterical”
In a social media debate on Aug. 20, Schiff, who is well known for his dislike of Bitcoin, said that gold will definitely reach $5,000 in the future.
Schiff was debating with Joe Kernen, the CNBC host who recently interviewed Bitcoin proponent and regular Schiff troll Anthony “Pomp” Pompliano.
“Prior the 2008 financial crisis, when I was still invited on CNBC, Joe was critical of my advice to buy gold. Joe was wrong to be bearish on gold then, and he's wrong to be bullish on Bitcoin now!” Schiff wrote.
Kernen subsequently reminded Schiff about his $5,000 gold prediction, which has yet to come true. Tom Lee, co-founder of Fundstrat Global Advisors and another CNBC regular, chimed in — describing the gold prediction as “hysterical.”
“Gold will eventually hit $5K. Bitcoin will never hit 50K”
This emboldened the already outspoken Schiff, who then declared that BTC/USD would fail to attain levels predicted by Lee.
“My gold forecast came a lot closer than your Bitcoin forecast. Plus at least gold will eventually hit 5k. Bitcoin will never hit 50k,” he wrote.
Twitter reactions pointed out the relative irony of Schiff’s bearishness, given the fact he both owns Bitcoin himself and accepts it for payments through his gold business.