Peter Schiff, a prominent economist and Chairman of Schiff Gold, expressed skepticism regarding Bitcoin's ability to reach $100,000, arguing that it lacks significant growth potential compared to alternative investment avenues. Favoring the growth prospects of gold stocks, Schiff suggested that they could experience a threefold or fourfold increase in value due to their current undervaluation.

When comparing the performance of Bitcoin to gold over the past three years, Schiff noted Bitcoin's sideways movement. Despite various promotional efforts, including the introduction of ETFs, Schiff doesn't foresee Bitcoin breaking through without a new catalyst. While the initial excitement surrounding ETFs temporarily boosted the market, it was followed by a sharp decline. Any subsequent rebounds were primarily driven by speculative activity and specific events like a Bitcoin ETF conference in Miami.

Schiff also dismissed the possibility of central banks adopting Bitcoin as part of their reserve assets to hedge against potential sanctions or freezes. He argued that Bitcoin's volatility makes it unsuitable for such purposes and recommends gold as a more reliable asset due to its established value and lower risk.

Regarding Bitcoin potentially reaching $1 million, Schiff remains skeptical. While acknowledging the possibility in a hyperinflation scenario, he cautioned that it would lead to a general increase in prices, resulting in diminished purchasing power. Therefore, achieving millionaire status in terms of Bitcoin holdings might not translate to real wealth.