The price of bitcoin continues to surge, defying critics to set a new all-time high of $4,500 today.
But even though bitcoin’s price has soared in recent weeks, there will always be bears who see the market through a profoundly darker lens. One of the best-known among the bears, investor Peter Schiff, is now making his case in even stronger terms for why bitcoin has advanced ever farther into bubble territory.
Schiff, who predicted the 2008 mortgage crisis, famously referred to bitcoin as digital fool’s gold and compared the cryptocurrency to the infamous bubble in Beanie Babies.
Moreover, the recent run-up in bitcoin hasn’t softened Schiff’s view: If anything, it’s reinforced his sense of impending doom.