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Bitcoin is Worthless, Says Market Forecaster Peter Schiff

Jinia Shawdagor | Dec 11, 2017 | 08:30

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Even with bitcoin price smashing past the $18,000 mark on December 8th, there are some financial experts who don’t believe that the digital currency can hold onto its glory for long. One veteran market forecaster, Peter Schiff, came out and said that Bitcoin has no value.

Peter Schiff, the CEO of Euro Pacific Capital, downplayed the value of Bitcoin in an interview with TheStreet, claiming that there’s no value in the digital currency. He further told TheStreet that one reason for his view on Bitcoin’s worth was that, no matter how much the value of the cryptocurrency increases, investors aren’t ready to let go off their bitcoins. He added:

Ultimately, I think bitcoin has really no value. 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.

Peter Schiff also believes that whatever is happening now is that investors are dancing to the music of Bitcoin as they’re drunk on the digital currency’s Kool-Aid, but when the music stops, the risk will be clearly evident. He noted that the paper profits will eventually vanish, leaving investors in dismay.

A Double Standard for Peter Schiff?

Peter Schiff talks tough on the value of Bitcoin, claiming that it could be worthless in the long run, but it appears that his website – Shiffgold.com – has an option for Bitcoin payments. He even touts the top five benefits of owning Bitcoin, such as #5:

No Third-Party Seizure – The Bitcoin system is built on redundancy. Because multiple copies of every transaction exist on the blockchain, nobody can get your bitcoins. There is currently no way for governments to seize or freeze your wealth.

Schiff knows that the increasing attention of the digital currency by the mainstream and the fact that Chicago Board Options Exchange (Cboe) is offering futures contracts for Bitcoin (to be followed by CME) will lead to more excitement, with many investors deciding to dip their toes into the crypto world.

Others Have a Differing Viewpoint

The views of other industry experts contradict that of Peter Schiff, with some claiming that the party for Bitcoin is not over yet. While some believe that the prices could finally hit the $20,000 mark in the next few years, others have the view that the digital currency is destined to hit even greater highs, especially with the increased acceptance.

Overall, Bitcoin has had an interesting year. At the start of 2017, Bitcoin was worth just around$1,000, but the price has been increasing since then, hitting record highs over the months to reach a peak of $18,000 on December 8th before dropping back down to just over $15,000. Hopefully, Peter Schiff’s forecast will turn out just to be nothing but hot air.

Do you Bitcoin has no value? Do you believe it drop in value or gain a lot more in the coming year? Let us know in the comments below.

Images courtesy of Bitcoinist archives and Pixabay.