Getting Bitcoin is Like Jumping from the Frying Pan into the Fire says Investment Firm CEO

Peter Schiff, CEO of Euro Pacific Capital, has joined the commentary on Bitcoin, claiming that it cannot be successful in the future and will ultimately collapse, even if it reaches $20,000.

As Bitcoin tests the $5,000 price point once again, industry figures are actively commenting on the fate of the world’s largest cryptocurrency. 

The latest to join the commentary is Peter Schiff, CEO of Euro Pacific Capital, who has some interesting things to say about Bitcoin.

Talking to Scott Gamm for The Street, Schiff firstly criticized the current price, saying that Bitcoin shouldn’t be at $5,000 to begin with – but if it does get there, it can go to $10,000 and even $20,000 before it ultimately crashes and burns.

“It shouldn't be at $5,000 - if it can get here, it can get to $10,000, it can get to $20,000. However high it goes, it's just going to collapse in the end,” he said.

Schiff was also adamant that Bitcoin is in a bubble and cannot succeed in the future:

“It is a bubble because it is not going to succeed in delivering the monetary utility that people believe. I do not think it’s going to be the money of the future. I believe it’s the bubble of the present. I think there will be a lot of people who will be disillusioned and disappointed.”

The investment firm CEO was of the view that investment in gold is much better than investing in cryptocurrencies, and those who put their faith in Bitcoin are going to end up getting burned.

“I think a lot of people unfortunately, have attributed properties to Bitcoin and other cryptocurrencies that do not exist. 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.”

Interestingly, Schiff’s comments were also matched by those from another investment firm manager, Michael Novogratz, who commented on Bitcoin being a bubble and claimed that it would be selling as high as $10,000 in the next 6 to 10 months. 

However, Novogratz was clear about his plans, intending to ride the wave and make money from it instead of watching from the sidelines.

Whether Bitcoin will ever touch $10,000 or $20,000 remains to be seen, but there are bets both for and against the cryptocurrency’s success in the long-term.