The price of bitcoin was just over $100 shy of $8,000 on Wednesday leaving investors wondering what’s next for the cryptocurrency that has risen 622% so far this year.
“There’s no real value I believe in bitcoin,” said Peter Schiff, CEO of Euro Pacific Capital. “If it can go to $8,000 it can go to $80,000 – I suppose the odds are lower the higher you get.”
Schiff said bitcoin is being marketed as an alternative investment to gold.
“What [bitcoin’s] actual value is remains to be seen,” he said. “But it has nothing in common with gold.”
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