Peter Schiff: Bitcoin Is the Biggest Bubble in History

The uncompromising Bitcoin sceptic Peter Schiff has said that the speculative bubble around the first cryptocurrency exceeds the feverish excitement seen in dot-com markets and the mortgage markets.

The investor said his conclusions were drawn from the level of conviction of Bitcoin holders.

If you measure the size of asset bubbles based on the level of conviction buyers have in their trade, the #Bitcoin bubble is the biggest I’ve seen. Bitcoin hodlers are more confident they’re right and sure they can’t lose than were dotcom or house buyers during those bubbles.

— Peter Schiff (@PeterSchiff) October 28, 2020

“If you judge asset bubbles by the level of buyers’ optimism, Bitcoin is the biggest of those I’ve seen. Bitcoin holders are more confident in their rightness than investors during the dot-com bubble and the mortgage crisis,” Schiff wrote.

A similar view—that Bitcoin’s bubble outpaced the dot-com boom and tulip mania—had been voiced by Goldman Sachs analysts as far back as 2018.

Earlier in September, Peter Schiff admitted he was wrong about his Bitcoin forecast.

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