Bitcoin critic Schiff details how BTC could hit $1m, but warns it will drop to $15k first

Key Points

• Peter Schiff, a well-known Bitcoin critic, has outlined a scenario in which the cryptocurrency could reach $1 million.
• However, Schiff warns that BTC must first fall to $15,000 before it can begin its ascent to $1 million.
• Schiff's analysis is based on the assumption that the Federal Reserve will continue to raise interest rates, which will put downward pressure on risky assets like Bitcoin.

Schiff's scenario for Bitcoin

In a recent podcast interview, Schiff laid out his scenario for how Bitcoin could reach $1 million. He believes that the cryptocurrency will first need to fall to $15,000 before it can begin its ascent to $1 million. This drop will be caused by the Federal Reserve's continued interest rate hikes, which will put downward pressure on risky assets like Bitcoin. Once Bitcoin has fallen to $15,000, Schiff believes that it will begin to consolidate. During this period, Bitcoin will trade in a range between $15,000 and $20,000. This consolidation period could last for several months or even years. After Bitcoin has consolidated, Schiff believes that it will begin to rally again. This rally will be driven by a combination of factors, including increasing adoption by institutional investors and the launch of new Bitcoin-related products and services. Schiff believes that Bitcoin could reach $1 million by the end of the decade.

Schiff's warnings

Schiff also warns that there are a number of risks that could derail Bitcoin's ascent to $1 million. These risks include: *

The Federal Reserve could raise interest rates more aggressively than expected. This would put further downward pressure on Bitcoin and could cause it to fall below $15,000.

*

A major Bitcoin exchange could be hacked. This would damage confidence in Bitcoin and could cause its price to fall.

*

A new cryptocurrency could be developed that is superior to Bitcoin. This would reduce the demand for Bitcoin and could cause its price to fall.

Despite these risks, Schiff believes that Bitcoin has the potential to reach $1 million. He believes that the cryptocurrency's underlying fundamentals are strong and that it is only a matter of time before it becomes widely adopted.