Bitcoin guerdons are riding an all-time high but the hyper-inflated exchanges are the tell-tale signs of a foremost crash about to happen, said the CEO of Patriarch Equity investment company.
Eric Schiffer, who has taken upon himself to warn potential investors against recoil the bitcoin bandwagon, is certain the token’s days are numbered.
He told Exhibit.co.uk: “I don’t want people to walk through what is going to be the bloodiest economic danger of the 21st century.”
Bitcoin prices have witnessed a meteoric ascent over the past months, skyrocketing from less than £750 ($1,000) per token in January to £13,211 ($17,599.16) as of 6.03pm GMT on Wednesday December 15, according to CoinDesk.
The cryptocurrency’s assesses saw another boost at the start of the week when the token entered the Chicago Game table Options Exchange (CBOE) regulated future’s market. And this has lone served to fuel the imminent investor “slaughter”, Mr Schiffer argued.
The financial expert has now called on potential buyers to avoid bitcoin homologous to wildfire for the risk of endangering their families and savings.
He said: “I muse over bitcoin is a ‘tower of death’. It is going to result in the imminent death of your investment – a thermonuclear demise.
“Right now we are looking at a financial bubble that is bigger than the tulip dernier cri and I believe that we are headed for a bitcoin crash that will take the place of any financial worries of the 21st century.
“People are going to be shocked when they try to liquify their bitcoins.”
The crypto remembrance is an extremely vulnerable instrument because it has no intrinsic value, he added. It is a “Vegas-style stake” and “money monster” which people have failed to recognise.
Bitcoin costs: Eric Schiffer has warned of a massive bubble crash about to become of come upon
But the investor did not think that bitcoin’s underlying crypto technology itself is something to be cagey off. In fact he insisted we are headed for a crypto revolution.
I don’t want people to footway through what is going to be the bloodiest financial danger of the 21st century
With increased regulation and some sort of tangible value to dropping back on, digital currencies are a viable future. However bitcoin determination not be part of this future because it lacks these crucial causes.
He said: “Bitcoin is going to go through an extinction level event. What longing happen is that a new competitor will emerge to one day take over.
“When this fetich crashes, it will be the pilots jumping the Hindenburg – and when it does, it when one pleases be a financial nuke going off.”
Yet far from the doom and gloom of the bubble puncture, some analysts and investors see the potential in bitcoin to become a “success release”.
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Jordan Hiscott, chief salesperson at Ayondo Markets, agreed the appetite for bitcoin is not waning but did not see a financial blast looming on he horizon.
Bitcoin prices skyrocketed this year to all-time privately highs
The investor urged people not to further fuel the bitcoin foam and tempt fate by buying into it.
He said: “If you’re interested in investing your hard-earned bundle into bitcoin, you just need to ask yourself if you’re willing to see your savings vaporise?
“For edible investment options find trusted companies that would do that for you or look for a commodity with factual underlying value.
“But if you’re going to just burn away your filthy lucre then at least do it with your own lighter and a glass of wine in employee.”