Catenaa, Thursday, December 26, 2024 – Economist Peter Schiff, a vocal Bitcoin critic, last Monday labeled the cryptocurrency as “the biggest bubble ever,” comparing it to the dot-com boom of the late 1990s.
Schiff noted Bitcoin’s market capitalization has surpassed $2 trillion, eclipsing the $1.7 trillion peak valuation of roughly 400 publicly traded dot-com companies before the bubble burst.
“Congratulations, Bitcoiners, on blowing the biggest bubble ever!” Schiff remarked, reiterating his longstanding skepticism.
The dot-com bubble, which fueled a rapid rise in US tech stocks, collapsed between 2001 and 2002, leading to bankruptcies of hyped companies like Pets.com and eToys.com.
Only giants such as Microsoft and Amazon, however, emerged as survivors.
Schiff’s comments add to a series of warnings he has issued over Bitcoin, describing its bull runs as “madness of crowds” and predicting “staggering” losses when the bubble bursts.
Bitcoin’s record valuation also mirrors concerns previously raised by late investor Charlie Munger, who compared the cryptocurrency market to the dot-com era, calling it a “mass folly.”
Despite criticism, Bitcoin continues to surge.
As of Monday, the cryptocurrency traded at $106,567.30, rising 1.37% over the past 24 hours, according to Benzinga Pro.
Proponents argue Bitcoin’s growing adoption and institutional interest differentiate it from past speculative bubbles, while skeptics, like Schiff, remain unconvinced about its long-term sustainability.
