Investors are drunk on the Kool-Aid that is bitcoin, according to veteran market forecaster Peter Schiff, CEO of Euro Pacific Capital. 

"No matter how high it goes, they're never going to sell," said Peter Schiff, Euro Pacific Capital.

Schiff also had some tough words for the cryptocurrency, which started 2017 at roughly $1,000. On Friday, bitcoin hovered near $15,150, down from its peak of almost $19,700.

"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."

Schiff said a lot of the paper profits will end up vanishing "when the music stops."

On Sunday, the Chicago Board of Options Exchange will begin offering bitcoin futures contracts, which has added to the excitement of bitcoin, according to Schiff. 

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