众所周知，互联网泡沫是上世纪90年代末美国科技股估值快速增长的时期，最终在2001年至2002年间破裂。几家最受追捧的科技公司最终都破产了，比如Pets.com和eToys.com，而微软和亚马逊等公司最终度过了难关。Renowned American economist Peter Schiff stated on Monday that Bitcoin is the largest bubble in history, even surpassing the Internet Bubble of the late 1990s.
Schiff is a staunch critic of Bitcoin and has shared his views on the soaring valuation of this Global largest Crypto. He pointed out that Bitcoin's Market Cap has exceeded 2 trillion dollars, which is higher than the total Market Cap of about 400 companies that went bankrupt during the peak of the Internet Bubble.
"Congratulations to Bitcoin enthusiasts for inflating the largest bubble in history!" Schiff sarcastically remarked on Social Media, mocking Bitcoin investors.
As is well known, the Internet Bubble refers to the rapid increase in valuations of USA Technology stocks in the late 1990s, which ultimately burst between 2001 and 2002. Several of the most sought-after Tech companies eventually went bankrupt, such as Pets.com and eToys.com, while companies like Microsoft and Amazon managed to weather the storm.
This is not the first time Schiff has expressed skepticism towards Bitcoin. He previously referred to the Bitcoin bull market as a "collective illusion" and "mass folly," warning that the losses when the bubble bursts will be "staggering."
Schiff is not the only one connecting the Crypto bull market with the Internet Bubble.
The late legendary investor and long-time partner of Warren Buffett, Charlie Munger, compared the Crypto market to the Internet Bubble of the late 1990s, calling it "mass stupidity."
