Peter Schiff: Bitcoin still going to ‘collapse’; the ‘death spiral’ of inflation coming (Pt. 1/2)

Bitcoin is an asset that is fueled almost entirely by “false hope” and should demand falter, the price is just going to “collapse”, said Peter Schiff, chief market strategist at Euro Pacific Asset Management.

“Ultimately, Bitcoin is going to collapse, and any demand that it might have siphoned away from gold is going to return to gold. The Bitcoin story is one of a bubble, it’s a modern-day Tulip Mania, it’s fool’s gold,” Schiff said.

0:00 – Biden’s stimulus plan
3:42 – Inflation
5:56 – Gold price
7:58 – Gold vs Bitcoin
9:5 0 – Bitcoin is “biggest bubble of all”
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