Due to the bullish rally that began in the cryptocurrency market after Donald Trump’s victory in the presidential elections, even the “gold bug” Peter Schiff regretted not buying Bitcoin.

“When it [Bitcoin] was worth $1, I had no idea how big this bubble would inflate. If I had known then, I would have invested in Bitcoin,” Schiff stated.

However, Peter’s regret over missed profits did not prevent him from once again predicting the collapse of Bitcoin in particular and the digital asset industry in general. In his opinion, the collapse of the crypto industry will demonstrate where madness and delusion lead when they become mass phenomena.

He warns that the consequences of the burst digital asset bubble will be catastrophic because they will leave not only speculators but also ordinary and institutional investors empty-handed, and will discredit the very concept of libertarian capitalism.

Nevertheless, statistics indicate that traders do not share Schiff’s skepticism. Peter himself wrote that gold and silver fell by 2.4% and 1.8%, as many people were selling shares of exchange-traded funds based on precious metals to use the proceeds to buy rising shares of Bitcoin ETFs and securities of cryptocurrency companies.

Thanks to the market trends mentioned by Schiff, Bitcoin has once again surpassed silver in the ranking of assets with the highest level of capitalization. Currently, the value of all issued BTC is $1.75 trillion, and by this metric, the coin ranks eighth.