Bitcoin Is 'Very Late' and Will Never Reach $13M by 2024, Peter Schiff Says

Schiff has pointed to the fact that gold's market cap gain is already five times bigger than Bitcoin's total market cap this year alone.

Financial commentator Peter Schiff has claimed that anyone who still plans to buy Bitcoin in 2024 will be "very late."

The commentator has highlighted the fact that gold's market cap has already surged by five times more than Bitcoin's total market cap this year alone.

According to CoinGecko, the cryptocurrency is currently valued at $1.15 trillion.

Bitcoin has risen by 38.5% year-to-date, but some analysts believe that it could continue surging.

Earlier this year, hedge fund manager Mark Yukso and Fundstrat's Tom Lee predicted that Bitcoin could surge to $150,000.

Galaxy Digital's Mike Novogratz also predicted that Bitcoin will cross the $100,000 threshold this year.

When it comes to long-term price targets, there are some sky-high Bitcoin price predictions.

Ark Invest's Cathie Wood believes that Bitcoin could reach $3.8 million in the long term. For this to happen, institutional investors are expected to allocate at least 5% of their assets to the crypto king. Wood did not specify the year when she expects this target to be reached.

During his recent CNBC appearance, MicroStrategy's Michael Saylor predicted that the price of Bitcoin could skyrocket to $13 million by 2024. He doubled down on his prediction, stating that the largest cryptocurrency is going to capture 7% of the world's capital.

According to Saylor, this is his use case, while his bull case is as high as $49 million.

As reported by U.Today, Schiff recently took aim at Saylor, challenging him to have a debate about Bitcoin.