Bitcoin Defies Odds: Doubles in Value Despite Schiff’s Son’s $0 Prediction
Despite Spencer Schiff’s bearish call, the value of Bitcoin has surged, even doubling since the prediction. According to Pete Rizzo, a journalist known as BTC Historian’ on X, Spencer predicted in July 2023 about how Bitcoin will drop to $0 in the coming years.
However, a year today since Schiff made his statement, Bitcoin is currently exchanging hands at almost $64k at press time.
Schiff’s Father and Son Bitcoin Discrepancies
Spencer Schiff is the son of Peter Schiff, the CEO of Euro Pacific Capital and a strong critic of Bitcoin. While the older Schiff believes in the value of gold, he sees Bitcoin as a bubble and an unreliable store of value.
The Schiff duo appears to be at odds on their stand as Bitcoin critics. In August 2020 Peter made a tweet telling people to send bitcoin to his 18-year-old son.
Since so many of you Bitcoin guys are ribbing me because my son @SchiffSpencer bought BTC why not really rub it in by gifting him some as a belated birthday present. He turned 18 yesterday. He won’t lose his. Here’s his wallet address: 3AeFWb22AG1qXLEyz1hNLYiT1PF8nrNrnK
— Peter Schiff (@PeterSchiff) August 27, 2020
Meanwhile, Spencer had always believed in BTC’s value as a good long-term investment and a hedge against inflation. Due to his belief, he moved all the assets in his portfolio into Bitcoin causing his father to lament that Spencer has been brainwashed.
Later, his stance on BTC seems to have shifted following his 2023 forecast.
Analysts Bullish on Upside Potential
Contrary to Schiff’s bearish forecast, some market enthusiasts anticipate a significant upsurge in BTC’s value. For instance, Standard Chartered, a multinational bank based in the United Kingdom predicted that the asset will sell for $150,000 before 2024 runs out.
One of the catalysts that will contribute to the potential upsurge, according to the bank, is the spot BTC ETFs.
Fundstrat analyst Tom Lee also told CNBC that the asset might sell for $150,000 before the end of this year. Like Standard Chartered, Lee also added that the potential upside would be fueled by the launch of ETFs, the past BTC halving, and the Fed rate cuts.
