CEO of Euro Pacific Capital: Encrypted currency is just a “gambling speculative tool”

Peter Schiff, CEO of Euro Pacific Capital, said in a recent Keiser Report that cryptocurrency is just a "gambling speculative tool." The senior stockbroker said he did not believe Bitcoin had anything in common with gold and claimed that Bitcoin was "a fool's gold." Schiff further stated that Bitcoin does not have any intrinsic value, and the buyer only believes that “it can be sold to other people at a higher price”, and Bitcoin is a Ponzi scheme.