Bitcoin is a gigantic bubble, according to Peter Schiff, CEO of Euro Pacific Capital.
"What kept me out of it is understanding that it's not going to work - that bitcoin or any of these cryptocurrencies are never going to be money," Schiff said in an interview with TheStreet. "They're never going to achieve what everybody believes is going to happen. All that's happening now is people are speculating on something that isn't going to happen."
Schiff pointed to the dot-com bust in the early 2000s as an example of speculation that ended up crashing. "I think the same thing is going to happen with all these cryptocurrencies - they're going to collapse," he said.
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