Euro Pacific Capital president Peter Schiff has said during an interview that the rapid fall of the BTC price is only a matter of time.
He has stated:
"I didn’t think it could succeed as money, and I was right—it still hasn’t succeeded as money."
He has said he has underestimated "its bubble potential." In his opinion, most investors do not believe in the currency, but are just waiting for someone to buy it at a high price.
The president of Euro Pacific Capital considers his decision not to invest in Bitcoin 12 years ago, despite the asset's high profitability, to be a wise one.
The entrepreneur believes stories about how people lose money on cryptocurrencies will overshadow stories about people who got rich on cryptocurrencies.
He has added:
"The peak that we saw in 2021 around $70,000…that was it. We’re just forming a massive top right now, and eventually, the bottom is going to drop out, and [BTC] is going to implode."