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<\/a><\/p>\nBitcoin heading to $0.00 & many will lose everything when bubble pops \u2013 warns investor Peter Schiff<\/h2>\n
RT.com<\/p>\n
Bitcoin is a massive speculative bubble that will implode, and people who are buying it now will be left holding the bag, according to economist Peter Schiff, best known for predicting the 2008 financial crash.<\/p>\n
\u201cPeople who got it years ago, even people who got it at the beginning of the year have the opportunity to cash out and make a lot of money. But people who are buying it at these prices or higher prices are going to lose practically everything,\u201d<\/em>\u00a0Schiff told RT International Channel.<\/p>\n \u201cThese currencies are going to trade to zero or pretty close to it when the bubble pops,”<\/em>\u00a0predicts Schiff.\u00a0“Right now, the only reason why people are buying bitcoin is because the price is going up. When it turns around, they are not going to sell it for the same reason.”<\/em><\/p>\n “There is no value in bitcoin, you can\u2019t use it as money,”<\/em>Schiff points out.\u00a0“It\u2019s too slow, too expensive and too vulnerable.\u201d<\/em><\/p>\n The investor called bitcoin a\u00a0\u201cspeculative digital asset,\u201d<\/em>\u00a0and as soon as its price stops going up, it will implode.<\/p>\n According to Schiff, there is a problem with fiat currencies. However, there are 1,300 digital currencies with massive inflation.\u00a0\u201cEven bitcoin itself has spun off bitcoin cash, bitcoin gold. There is no limit to supply of bitcoin-branded worthless tokens that can be created,\u201d<\/em>\u00a0he said.<\/p>\n Bitcoin has been up as much as 2,000 percent this year. The market capitalization of digital currencies is approaching $650 billion, with a $50 billion daily trading volume. The share of bitcoin among cryptocurrencies is reducing and has slid from over 85 percent at the beginning of the year to 44 percent now.<\/p>\n