Bitcoin could hit $20,000 before it crashes into pieces, warns veteran forecaster Peter Schiff.

Bitcoin prices are up 389% since the start of the year to roughly $4,882. A rise to $20,000 would represent a more than 300% increase.

"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."

Schiff, who is CEO of Euro Pacific Capital, doesn't see bitcoin as the future of money. 

"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."

Meanwhile, Harvard professor Ken Rogoff writes in a new post that the price of bitcoin will probably collapse over time as people realize the currency will never supplant central-bank issued money.

And you can't forget JPMorgan Chase CEO (JPM) Jamie Dimon who called bitcoin a "fraud" in remarks that went viral last month. 

Watch out entire interview with Peter Schiff:

Don't miss these top stories on TheStreet:

More from Investing

Tyson Foods CEO: We Aren't Done Making Deals

Tyson Foods CEO: We Aren't Done Making Deals

Warren Buffett at Age 87 Still Does One Amazing Thing That Drives Success

Warren Buffett at Age 87 Still Does One Amazing Thing That Drives Success

Amazon, Nvidia, Micron and 10 Other Stocks to Own in June

Amazon, Nvidia, Micron and 10 Other Stocks to Own in June

Four Stocks Poised for Big Gains: Cramer's 'Off the Charts'

Four Stocks Poised for Big Gains: Cramer's 'Off the Charts'

3 Great Stocks for Retirees to Own

3 Great Stocks for Retirees to Own