Summary
- Peter Schiff stated that Bitcoin is the biggest bubble ever.
- He assessed that Bitcoin's market capitalization exceeds the $1.7 trillion of the past dotcom bubble.
- He predicted that President-elect Trump's strategic Bitcoin reserves will not yield positive results.
Bitcoin critic and economist Peter Schiff has described Bitcoin as the biggest bubble ever.
On the 17th (local time), Peter Schiff stated on X, "When the dotcom bubble burst, about 400 publicly traded dotcom companies went bankrupt," adding, "At its peak, the dotcom bubble had a market capitalization of around $1.7 trillion." He continued, "Currently, Bitcoin alone has surpassed a market cap of $2 trillion," calling it "the biggest bubble ever."
Furthermore, he mentioned, "There are rumors that President-elect Trump will bypass congressional approval to authorize strategic Bitcoin reserves," and predicted, "If Trump does so, there will be no positive outcomes from his administration."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
![Dow Tops 50,000 for First Time Ever as “Oversold” Narrative Spreads [New York Stock Market Briefing]](https://media.bloomingbit.io/PROD/news/1c6508fc-9e08-43e2-81be-ca81048b8d11.webp?w=250)
