In a recent interview with Cointelegraph, economist Peter Schiff conveyed his apprehension regarding the sustainability of Bitcoin’s impressive gains. He argues these gains are heavily reliant on both political backing in Washington and motivations from Wall Street, suggesting this support may be tenuous at best.

Schiff contends that the ongoing Bitcoin bull market is not a naturally occurring trend but one bolstered by external influences. He stands firmly by his assertion that Bitcoin is a “bubble” and believes its value could eventually plummet to zero.

Challenging the widely accepted notion that Bitcoin acts as a safeguard against inflation and dollar devaluation, Schiff warns that it is in fact the same institutions Bitcoin is meant to counter that are currently propping it up.

Schiff questions whether the influence of politics is the main driver behind Bitcoin’s rally and whether this means a significant crash is imminent, forecasting that gold may regain its reputation as a reliable store of value in turbulent financial times.

Watch the complete interview for Peter Schiff’s unfiltered opinion on Bitcoin, gold, and his concerns about the impending end of the “Bitcoin bubble.”

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