Peter Schiff: Bitcoin has no chance of a tenfold increase.

The president of the investment company Euro Pacific Capital and a staunch supporter of gold investments, Peter Schiff, said that the most expensive precious metal is much more likely to show a tenfold increase in value in the next five years than Bitcoin.

Schiff believes that the most expensive crypto asset may collapse altogether. Now the first cryptocurrency is staying afloat only because the cryptoskeptic is sure that there is still demand for it among investors. While gold has real intrinsic value, demand for precious metals will remain high due to rising U.S. government debt, rising inflation and the dollar's declining purchasing power, the economist explained on the David Lin Report podcast.

The head of the investment company said that in the current situation, investors will prefer to withdraw capital from cryptocurrencies and risky assets, further provoking the fall of Bitcoin. Unlike BTC, the value of gold is not dependent on short-term market fluctuations: central banks can use gold as a reserve asset without relying on the obligations of other companies, the economist explained. He is convinced that gold has a much better chance of growing tenfold in five years than Bitcoin.

Considering that the price of gold is $4,140 per troy ounce, a tenfold increase would mean reaching $41,400. For Bitcoin, trading around $81,000, this increase would mean a price of $830,000.

Yesterday, October 14, the gold rate fell by 1.5%, to $4,085 per troy ounce. Pressure on the precious metal came from rising oil prices and investor concerns about interest rates ahead of the publication of US inflation data. Bitcoin rose 6% over the past month to $81,370.

Recently, Schiff said that artificial intelligence could become a threat to Bitcoin, since it is in AI that investors will begin to transfer capital from the crypto market. Previously, the economist urged traders to quickly get rid of bitcoins, predicting the collapse of the main cryptocurrency.