More people own bitcoin at a loss than at a profit, this according to Peter Schiff, CEO of Euro Pacific Capital.
Speaking on the sidelines of the Vancouver Resource Investment Conference he said, “the number of people who bought into the market at $12,000 [a coin], $13,000, $14,000, is enormous…people had no idea what they were doing.”
Schiff added that if bitcoin doesn’t rebound from current levels, then “the brand is tarnished,” and success stories about investors having made millions off the cryptocurrencies will change to people losing all their investments.
“Bitcoin is all based on faith, and when the confidence goes, all the value goes,” Schiff said. “There are a lot of people that refuse to sell because they think it’s going to a million, in the end it’s all going to be wiped out.”
Sign up for ActionAlertsPlus.com today for exclusive insight into Jim’s charitable portfolio:
Subscribe to TheStreetTV on YouTube:
For more content from TheStreet
Follow TheStreet on Twitter:
Like TheStreet on Facebook:
Follow TheStreet on LinkedIn:
Follow TheStreet on Google+
source
