As the world’s largest cryptocurrency, bitcoin, hit another price milestone on Tuesday, gold enthusiast and crypto-skeptic Peter Schiff continued to insist there is no value in the digital token.
“A financial asset is in a bubble when its price has no relationship to its underlying present value or a reasonable expectation of its future value, and investor conviction in price appreciation is high and fear of loss is low,” he wrote on Twitter.
“At $50k #Bitcoin is the biggest bubble of them all,” he added.
Schiff, the CEO of Euro Pacific Capital, has frequently been critical of cryptocurrencies, maintaining that bitcoin is a massive speculative bubble that will implode, and people who are buying it now will be left holding the bag. “Only fools are choosing bitcoin” over gold, Schiff said.