Bitcoin prices are headed to near zero, according to Peter Schiff, CEO of Euro Pacific Capital. 

"I wouldn't encourage people to bet on it," he said. "I do believe that no matter how high bitcoin goes, it's ultimately going near zero."

On Tuesday, Eastman Kodak Company (KODK) saw its stock price surge after it unveiled a cryptocurrency, KodakCoin, a development that reminds Schiff of the dot-com Internet bubble in the 1990s.

Watch the full interview on our Youtube channel:

Watch More with TheStreet:

More from Video

3 Things to Know at Market Close: Jamie Dimon's the King of Wall Street

3 Things to Know at Market Close: Jamie Dimon's the King of Wall Street

Striking Options: Crude Oil Volatility and Mixed Global Economic Data

Striking Options: Crude Oil Volatility and Mixed Global Economic Data

Jim Cramer's 10 Lessons for a Bear Market

Jim Cramer's 10 Lessons for a Bear Market

Does Davos Matter Anymore? Why Jim Cramer Says It Will Play Less of a Role

Does Davos Matter Anymore? Why Jim Cramer Says It Will Play Less of a Role

In Case You Missed it: Stocks Face Headwinds Times 10, IBM Earnings

In Case You Missed it: Stocks Face Headwinds Times 10, IBM Earnings