Legendary investor predicts this cryptocurrency will rise by more than 22,000%!
BitVerge – In an interview with CNBC, Michael Saylor predicted that Bitcoin will reach $13 million. However, Peter Schiff called the prediction “nonsense,” attacking Bitcoin and praising gold.
As gold prices soar and Bitcoin tumbles, Schiff defends what he calls the “supreme currency.”
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Saylor Predicts Bitcoin Will Hit $13 Million
Michael Saylor appeared on CNBC’s “Squawk Box” on September 9, where he expressed his bullish outlook on Bitcoin.
While Bitcoin’s price rose slightly on the day in question, Saylor appeared in the context of a general bearish trend. “You’re very brave, because there have been big swings in the past,” host Joe Squawk told Saylor. When asked if he had ever had near-failures, Saylor was confident.
Saylor pointed to the worst moment of his Bitcoin journey when Silvergate Bank failed. However, Saylor believes that the crisis benefited his company, MicroStrategy, as it was able to make a lot of money.
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Saylor described the current market in a similar vein, saying that MicroStrategy’s growth has “outperformed every company in the S&P 500.” He added that the company has largely become a Bitcoin development company. Saylor also boldly predicted that Bitcoin will hit $13 million in 21 years, which would be a more than 22,000% increase from the currency’s current price of $57,000.
Schiff: “It’s just bullshit”
On the other hand, Peter Schiff, the famous investor, launched a scathing attack on Saylor’s statements, describing them as “just bullshit.” He pointed out that Saylor has a friendly audience on “Squawk Box” because “CNBC relies heavily on crypto advertising and doesn’t push him hard enough.”
Schiff added that MicroStrategy’s valuation is down 40% from its 52-week high, and that returns are “not as rosy as Saylor describes and will get worse soon.” He also noted that “all funds have had positive returns since inception,” which tarnishes Saylor’s long-term claims.
Despite Schiff’s defense of gold, he was less 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’ll still be rich.”
Gold vs. Bitcoin Battle
Schiff has backed up his pro-gold stance as its price rises and Bitcoin declines. However, Schiff has maintained that gold has “intrinsic value,” while broadcasters have questioned this idea, suggesting that the new generation may not find gold as attractive as it once did.
Finally, despite Schiff’s attack on Bitcoin, he acknowledged that some investors may find Bitcoin a safe haven in the future.
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