Peter Schiff: The price of Bitcoin will never rise to $50,000

Peter Schiff, a well-known critic of the cryptocurrency and a supporter of gold investments, claims that Bitcoin will never be able to rise to $50,000. Thus, he commented on the mockery of Fundstrat founder Tom Lee.

The discussion began with Schiff's remarks regarding the recent speech of Morgan Creek Capital founder Anthony Pompliano at CNBC, who said that Bitcoin would be in the portfolio of each institutional investor.

"Just watched Joe Kernen's love festival with Anthony Pompliano, where he imposes Bitcoin. Before the 2008 crisis, when I was still invited to CNBC, Joe was critical of my advice to buy gold. Joe was wrong when he was bearish about gold, and now he's wrong when he shares the bull's mood about Bitcoin! - Schiff wrote.

In response, CNBC's host Joe Kernen pointed out the mistake of Schiff, who 7 years ago predicted that gold would rise to $5,000 by 2014. Neither in this period, nor after the precious metal has come close to its cherished goal. Lee, in turn, said: "Ha-ha-ha. Very funny.

In response to criticism, Schiff wrote, "My gold forecast was much more accurate than your Bitcoin forecast. In addition, gold will eventually rise to $5,000 and Bitcoin will never reach $50,000.

In 2013, Schiff called Bitcoin a "bubble. Thus, if the Bitcoin is destined to rise up to $50,000, then this is not the first time that a gold fan will get into such a situation, because since then this "bubble" has swollen many times.