Pro-gold investor and bitcoin critic Peter Schiff said this in a conversation with CoinGeek Backstage reporter Jon Southurst. As Schiff said, Bitcoin’s electronic payment model turned out to be just a pipe dream for developers. Bitcoin still has a long way to go to be used as electronic money everywhere. According to Schiff, it’s only a matter of time before the first cryptocurrency is finally destroyed.<br
“When I decided not to invest in bitcoin, my decision was the right one.. I didn’t think it would succeed as a means of payment, and I was right – bitcoin still hasn’t succeeded as money,” Schiff said.
He noted, however, that he had underestimated bitcoin’s potential as a bubble. According to the economist, he saw how thousands of people invested in BTC and raised its value to enormous heights, while earning billions. Schiff is sure that most of the investors who got rich off the rise of BTC didn’t believe in this cryptocurrency – they were just betting that there would be more fools willing to buy it at a higher rate.
“I, too, could have invested a significant amount of money in bitcoin and made a billion or more on it,” Schiff laments.
“The Gold Bug” immediately stipulated that BTC’s success is based on a shaky foundation that is about to collapse. Even though bitcoin has survived bear market pressure, losing more than 75% of its value, the next big drop will definitely destroy the coin, Schiff believes.
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“The peak of about $70,000 that bitcoin reached in 2021 is this extreme. Now we are just forming a massive top, after which the bottom will follow, and bitcoin will explode,” said the economist.
A cryptocurrency skeptic recently said that traders should not get excited about bitcoin’s recent rise, as the surge will be short-lived.