Peter Schiff, who heads financial services firm Euro Pacific Capital, is known as one of Bitcoin's fiercest opponents.
This businessman on Twitter and during his public speeches always points out the risks of investing in cryptocurrency.
In his opinion, BTC is the greatest bubble he has ever seen. Even the infamous dot-com (IT) market that collapsed in the early 2000s cannot match Bitcoin.
We are now witnessing the formation of a much larger bubble, the collapse of which will lead to disastrous consequences for investors. Schiff emphasized:
Bitcoin holders are much more confident in their righteousness than investors in the dot-com bubble and the mortgage crisis the 2007-08 US real estate market crash.
Note that not only Peter Schiff is critical of Bitcoin.
Russian State Duma deputy Anatoly Aksakov also believes that BTC has no future. Recently, a Russian parliamentarian said that the largest cryptocurrency would face an imminent collapse since it is not backed by anything and grows in price only due to investments.