The
Peter Schiff Show (12/2/2013) ,
Peter Schiff : Bitcoins A Modern Day Tulip Mania
To me it looks like a modern day tulip mania, the fact that there are people in the hard money community that have embraced bitcoin.
A bubble is a bubble. The dotcom or the real estate bubble, there is a bubble in bitcoin. I think the reason people are buying bitcoins is because the think they are going to make money. They think the price is going to go up. It will keep going up until it implodes. And a lot of people are going to lose a lot of money in bitcoins. A small amount of people will make a lot of money but it will be paid for by a much greater amount of people who lose because they come at the end of the pyramid scheme. Whether we are at the end now, or whether it is going to keep going higher for months or years, I do not know.
Peter Schiff
is a well-known commentator appearing regularly on CNBC, TechTicker and
FoxNews. He is often referred to as "Doctor Doom" because of his
bearish outlook on the economy and the U.S. Dollar in particular. Peter
was one of the first from within the professional investment field to
call the housing market a bubble. Peter has written a book called "Crash
Proof" and a follow-on called "The Little Book of Bull Moves in Bear
Markets". He is the President of EuroPacific Capital, which is a
brokerage specializing in finding dividend-yielding, value-based foreign
stocks.
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