A bubble larger than a bubble!
Famous American economist Peter Schiff stated on Monday that Bitcoin is the largest bubble in history, expressing his views on the soaring valuation of this largest global cryptocurrency. He pointed out that Bitcoin's market capitalization has surpassed $2 trillion, which is higher than the total market capitalization of about 400 companies that went bankrupt during the peak of the internet bubble.
As of now, central banks or some commercial banks in 23 countries have issued restrictions on trading virtual currencies such as Bitcoin. Although the European Union has not issued a clear 'ban' on Bitcoin, the President of the European Central Bank stated that Bitcoin facilitates criminal activities. Even the Chairman of the Federal Reserve has indicated that Bitcoin is more like an uncontrollable speculative tool than a means of payment. The late legendary investor Warren Buffett's long-time partner Charlie Munger once referred to cryptocurrencies as 'massive stupidity'.
