Peter Schiff, chief economist at Euro Pacific Asset Management, believes that sooner or later bitcoin will be completely destroyed.

Peter Schiff, a supporter of investments in gold and a critic of bitcoin, said this in a conversation with a reporter for CoinGeek Backstage, Jon Southurst. As Schiff said, Bitcoin’s electronic payment model turned out to be just a pipe dream of the developers. To be widely used as electronic money, bitcoin still has a very long way to go. According to Schiff, it is only a matter of time before the first cryptocurrency is finally destroyed.

“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.

At the same time, he noted that he underestimated the potential of bitcoin as a bubble. According to the economist, he has seen thousands of people invest in BTC and raise its value to enormous heights, earning billions in the process. Schiff is sure that most of the investors who got rich on the growth of BTC did not believe in this cryptocurrency – they were simply betting that there would be even bigger fools who were ready to buy it at a higher rate.

“I, too, could invest a significant amount of money in bitcoin and earn a billion and even more from it,” Schiff laments.

Goldbug was quick to point out that BTC’s success is based on a shaky foundation that is about to collapse. While bitcoin has weathered the bear pressure in the market by losing more than 75% of its value, the next big drop will definitely destroy the coin, Schiff believes.

“The peak of about $70,000 that Bitcoin reached in 2021 is this edge. Now we are just forming a massive top, after which the bottom will follow, and bitcoin will explode, ”the economist said.

Recently, a cryptocurrency skeptic said that traders should not rejoice at the recent rise in bitcoin, as this spurt will be short-lived.