Outspoken Bitcoin critic Peter Schiff went full blast on his long-held sentiments on the future of Bitcoin in an interview with RealVision on Wednesday. What was new this time is that Schiff included the American economy and the US dollar among the things that are going to collapse alongside the Bitcoin bubble.
The Crypto Boom Will End in Tears
In the interview with the financial analysis firm, Schiff vehemently declared how the cryptocurrency boom would end in tears. The CEO of Euro Pacific Capital compared the Bitcoin frenzy with the Beanie Babies bubble. At least with the Beanie Babies bubble, people used them to insulate their homes by shoving the toys between walls.
Outspoken Bitcoin critic Peter Schiff highlighted the contrary with Bitcoin. As only a collectable token, no one will want Bitcoin once it is worthless. Schiff believes Bitcoin holders will be left with nothing once this bubble bursts.
In the interview, Schiff criticized his son, who, in his words, has “been indoctrinated into the Bitcoin cult.” Last month, Schiff tweeted that his son Spencer’s entire portfolio was in Bitcoin. The CEO of Euro Pacific Capital, however, noted that Spencer had an excuse of only being 18, unlike other millions of people betting on the leading cryptocurrency by market capitalization.
The US Dollar Bubble Will Pop After the Bitcoin Bubble
People have grown accustomed to Schiff Bitcoin blasts. In this interview, the CEO of Euro Pacific Capital included the American economy and the US dollar in his doomsayer tales. The US dollar bubble will allegedly burst after the Bitcoin bubble does.
Schiff explains that the US government, with its giant bubble economy, is “sustained by artificial suppression of interest rates.” The interest rates continue to aggravate the economic imbalances that will likely lead to a major economic collapse.
Schiff urged people not to rely on the US economy that in far worse shape than in 2000. Outspoken Bitcoin critic Peter Schiff offered to “unchain” people from the government and paying taxes. Instead, the people should save for their retirement and not rely on the government’s Ponzi scheme.