Peter Schiff: Bitcoin is a worthless digital asset in a burst bubble

Peter Schiff, CEO of Euro Pacific Capital and a noted Bitcoin critic, argued on Fox Business that Bitcoin is a worthless digital asset whose bubble has burst. He pointed out that the cryptocurrency has plummeted since its all-time high of $126,000 in October of last year. Schiff claimed that hype, professional investment firms, and ETFs are used to generate buying pressure, which ultimately provides the liquidity for early investors to cash out. He added that Bitcoin buyers are merely acting on the expectation that someone else will purchase it at a higher price, with no genuine long-term outlook. "The current price is only slightly higher than it was five years ago, which is evidence that the market is losing vitality without real demand," he stressed. Also appearing on the broadcast, Anthony Pompliano, founder of crypto investment firm Pomp Investments, countered that Bitcoin's compound annual growth rate over the past 10 years has been around 55% to 60%, several times higher than gold's. Pompliano stated that volatility is not unique to Bitcoin but is a common feature of high-return assets, adding that it is a common misconception that volatility is a bad thing.