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Still, long-time Bitcoin skeptic and gold bug Peter Schiff is convinced that the flagship crypto is doomed and will hit literal zero.
BTC Will Eventually Be Worthless: Schiff
Lately, there’s been dramatic backpedaling on Bitcoin — and crypto in general — in the finance world. The once frowned upon cryptocurrencies are now mainstream. Yet, the sentiment amongst some gold investors with no personal interests in crypto is for the bubble burst at any point.
Speaking during a recent conversation with crypto influencer Michael Jerome, Peter Schiff stated that he believes Bitcoin will “eventually go to zero.”
According to the controversial financial analyst, Bitcoin is a “gigantic pump-and-dump” buoyed by early adopters cashing out at the expense of newer investors.
 
“I still think it’s going to zero,” he said. “What I underestimated was the gullibility of the public and the marketing savvy of those promoting it.”
Schiff is a known Bitcoin critic and often questions the OG crypto’s market value and real-world use cases. He previously called out analysts who suggested that the BTC price would hit $100,000, bolstered by the huge demand created by spot Bitcoin exchange-traded funds (ETFs) launched early last year. As you are well aware, Bitcoin surpassed the $100K psychological milestone and went on to set a new all-time high above $126K earlier this month.
Schiff Warns US Dollar’s Reign As The Global Reserve Currency Is Ending
Schiff further cautioned of an imminent “sovereign debt crisis” that he is convinced will make 2008 look like a “Sunday picnic,” forecasting hyperinflation, a collapse in US Treasury bonds, and gold prices surging past $4,000.
He expects the US dollar’s dominance as the world’s reserve currency to end soon, warning that the global financial system will inevitably return to a gold-based system.
During the interview, Schiff announced that he was preparing to launch a gold-backed token. He revealed that users will be able to acquire and store gold in a vault through an app, transfer ownership via a blockchain, or redeem it for physical gold. He described it as an easier way to spend gold digitally, complete with debit cards linked to gold holdings.
Former Binance CEO Changpeng “CZ” Zhao dismissed Schiff’s plan to debut a tokenized gold vehicle, describing it as a “trust me bro” asset.” Zhao pointed out that tokenized gold is not on-chain gold, but a promise dependent on third-party custody.
“It’s tokenizing that you trust some third party will give you gold at some later date… even after their management changes, maybe decades later, during a war,” CZ quipped.
Source: https://zycrypto.com/bitcoin-will-crash-to-zero-gold-bug-peter-schiff-reasserts/