Bitcoin may be surging past $5000 for the first time ever, but that doesn't necessarily mean it will maintain its all time highs. Veteran market forecaster Peter Schiff expects bitcoin prices to crash. 

"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."

Schiff, who is CEO of Euro Pacific Capital, said even with the risks of bitcoin, prices can still head higher. 

"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."

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Editors' pick: Originally published Oct. 10.