In a CNBC interview, Michael Saylor predicted that Bitcoin would hit $130 million. However, Peter Schiff dismissed this as “nonsense.” In a separate interview, Schiff criticized Bitcoin and advocated gold.
As gold prices rose and bitcoin prices fell, Schiff defended what he called “the best money.”
Sailor Predicts $130 Million Bitcoin
Michael Saylor appeared on NBC’s “Squawk Box” on September 9th and pushed his positive view on Bitcoin.
Despite the Bitcoin price rally that day, Saylor made his first appearance in a generally downtrend. Host Joe Squawk told Saylor, “You have a lot of courage because you’ve had a lot of big swings in the past.” Asked if there had been a major crisis, Saylor was firm.
Saylor discussed the low point in Bitcoin’s journey when Silvergate Bank failed. It seemed like a crisis for MicroStrategy, but he said, “It worked out for us. We made a lot of money.”
He recently described the market in similar terms, citing MicroStrategy’s growth that has outpaced every company in the S&P 500. Despite the volatility of the Bitcoin price, Saylor argued that MicroStrategy has primarily transformed into a Bitcoin development company.
Against this backdrop, he outlined Bitcoin’s greatest strengths, particularly its liquidity and ease of use. Saylor concluded with a bold prediction that Bitcoin will reach $130 million in 21 years.
SIF: Nonsense
Peter Schiff, a stockbroker and financial commentator, took the offensive. Schiff called Saylor’s comments “nonsense.” He pointed out that the reason Squawk Box was so friendly to Saylor was because “CNBC is so reliant on crypto advertisers that they can’t really counter their lies.”
He said MicroStrategy’s valuation was “down 40% from its 52-week high and, as Saylor explains, the returns are poor and will soon get worse.” Schiff criticized Saylor’s long-term claims, saying “all of the funds have had positive returns since inception.”
The overly friendly interviewer problem that Schiff points out is closer to the truth than it first appears. Earlier that morning Schiff had been arguing that gold was superior to Bitcoin. Schiff briefly mentioned Saylor and went on to make a completely unrelated argument about Bitcoin.
Nonetheless, Schiff found a much less receptive audience to his argument that gold had “the fundamental value of a commodity in its own right”.
Hosts Ryan Sean Adams and David Hoffman were skeptical of Schiff’s claim that gold has intrinsic value. “It’s a consensus,” Adams said. People have to want to store value in gold.
When Adams asked his colleagues, he argued that “heavy” gold jewelry had lost its appeal among young people. Gold may have practical uses in modern industrial settings, but that alone is not enough to maintain its appeal. The use cases for iPhone computer chips are all well and good, but no one is arguing that we should all adopt the palladium standard.
Schiff’s pro-gold argument has been reinforced by gold’s performance , with gold steadily rising while Bitcoin has fallen . Nevertheless, Schiff’s hostility toward Saylor does not translate into outright hostility toward Bitcoin. While he has generally been anti-crypto in his interviews, he has been able to make a theoretical case for crypto when pressed.
Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030
“People might find refuge in Bitcoin,” he argued. Schiff eventually advised the audience to “spread their bets” and invest in two products, so that “even if Sailor is right, you’ll still be rich.”
