Bitcoin to $20,000 and Ethereum to $1,000, Says Economist and Gold Advocate Peter Schiff

One of the most famous Bitcoin and crypto critics, gold advocate, economist and fund manager Peter Schiff gave his new targets for Bitcoin and Etherum for this weekend, predicting a massive plunge to critical prices and recommending avoiding the “buy the dip” strategy.

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The correction on the market was fueled by the unexpected inflation numbers, exceeding expectations of both traditional and cryptocurrency markets. Since Bitcoin and other cryptocurrencies are mostly following the tendencies of risk-on assets, the market had no other choice but to redistribute their funds toward safer options, leaving digital assets aside. Inflation hedges like gold went the opposite way by rallying by more than 2.5%, which, considering gold’s average volatility as a significant move, especially after facing a 1% loss.

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