Peter Schiff predicts Bitcoin will fall to zero.

The rapid decline in the price of the flagship cryptocurrency is only a matter of time. Peter Schiff, president of Euro Pacific Capital, said in an interview with Coingeek.

‘I didn’t think that it could become money, and I was right — it hasn’t succeeded yet,’ Schiff said.

He said that he underestimated ‘the potential of the Bitcoin bubble.’ In his view, most investors do not believe in the first cryptocurrency, but merely expect that someone will buy it at a high price.

He says his decision not to invest in Bitcoin 12 years ago was the right one, despite the asset’s high returns.

‘I could have invested a substantial amount of money in it and made a billion dollars or more,’ Schiff said.

The businessman believes that stories of people losing money on cryptocurrency will eclipse stories of people getting rich from it.

‘The peak we observed in 2021, around $70,000, — that’s all. Now we’re just forming a massive top, and eventually Bitcoin will explode,’ he added.

As of writing, the first cryptocurrency was trading near $31,000. In the last 24 hours, the asset rose 1.4%, according to CoinGeGecko.

Earlier in May, Peter Schiff announced his own collection of bitcoin-based non-fungible tokens.

Earlier he stated that there is ‘nothing lower-quality than cryptocurrencies’.