Peter Schiff: "Bitcoin's collapse will be more impressive than its rise"

One of the main public critics of the world's first cryptocurrency spoke about a new record for the value of Bitcoin. Financial expert insists: the collapse of the world's first cryptocurrency is inevitable.

“The speculative frenzy surrounding spot Bitcoin ETFs will soon end. The collapse of Bitcoin will be more impressive than its rise,” Peter Schiff threatened..

On the contrary, an increase in the price of gold is quite real, says an experienced investor:

“Gold fell below $2,100, this served as a catalyst for Bitcoin, which jumped to almost $41,000. This is BTC’s swan song.”

Peter Chiffre, nicknamed the «gold bug» and a dedicated advocate of investing in the main precious metal, is a constant critic of cryptocurrencies, comparing crypto investors to a cult.. He recently stated that Bitcoin is a cheap imitation of gold.. And also that cryptocurrencies have no goals or objectives.

On the afternoon of Monday, December 4, Bitcoin was trading above $41,000. According to CoinMarketCap, Bitcoin's market capitalization has reached $810 billion.. Within a year, the price of Bitcoin soared by 144%.