Peter Schiff predicted the imminent collapse of the cryptocurrency market
Gold supporter Peter Schiff once again criticized bitcoin and admitted the imminent end of the "cryptocurrency bubble".
There are now more than 12,000 tokens, 84 of which currently have a market capitalization above $1 billion. There is nothing special about bitcoin. The supply of altcoins will rise until the cryptocurrency bubble bursts. Supply will exceed demand and prices will collapse almost overnight, Schiff wrote.
He also reiterated his commitment to the precious metal in the comments and pointed out that the value of gold "is in its usefulness."
You can do more with gold than any other metal, and it doesn't lose its unique properties over time, Schiff stressed.
One user noted that bitcoin and Ethereum are "the Amazon and Google of the cryptorevolution."
The Internet revolution has eliminated costs and delays in our information networks. Bitcoin will eliminate costs and delays in our financial networks.
In response, Schiff wrote that the first cryptocurrency "will only eliminate money from the pockets of people stupid enough to buy it."
On September 20, bitcoin failed at the $43,000 level, and the second most capitalized cryptocurrency fell below the psychological $3,000 mark. As of this writing, BTC is trading around $42,700 and ETH is just above $3,000. The traditional and cryptocurrency markets were negatively impacted by the potential default of one of China's largest construction companies, Evergrande.
In August, Schiff called it a serious mistake not to buy the first cryptocurrency when he first learned about it in 2011.
Recall that Schiff, during a debate about the superiority of the precious metal over bitcoin with SkyBridge Capital founder Anthony Scaramucci, said it was pointless to compare the two assets because the cryptocurrency "does not have the qualities that give value to gold."