Brace yourself for a crash in bitcoin prices, according to veteran forecaster Peter Schiff.

"I believe it's not going to succeed in delivering the monetary utility that people [expect]," Schiff said. "I do not think it's going to be the money of the future. I think it's the bubble of the present."

That said, bitcoin prices could still continue to climb higher Schiff says.

"It shouldn't be at $5,000 - if it can get here, it can get to $10,000, it can get to $20,000," he noted. "However high it goes, it's just going to collapse in the end."

Bitcoin prices are up to roughly 389% since the start of the year to $4,882.

"I think a lot of people unfortunately, have attributed properties to Bitcoin and other cryptocurrencies that do not exist," he said. "I think that people who are rightfully skeptical of the dollar, the euro, the yen are taking refuge in bitcoin or other cryptocurrencies and they've jumped from the frying pan into the fire."

Schiff is the CEO of Euro Pacific Capital.

Follow @ScottGamm on Twitter.

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