Investors are drunk on the Kool-Aid that is bitcoin, according to veteran market forecaster Peter Schiff, CEO of Euro Pacific Capital.“Ultimately, I think bitcoin has really no value,” said Peter Schiff, CEO of Euro Pacific Capital. “In the market, it has plenty of value. As long as there’s buying, there’s value. But when the buying goes away, so does the value.”
Eulogy made by Peter Schiff
As a follow-up. Peter Schiff’s mind on this won’t change. Maybe not until Euro Pacific Bank goes bankrupt. He believes that Bitcoin skipped a step that even Fiat money, at first, did not. Which is being pegged to a commodity such as gold. As he expects even value of Fiat money to go to zero unless they peg back to gold, but not before Bitcoin.