Peter Schiff (Peter Schiff), a well-known American economist, said on Monday that Bitcoin is the biggest bubble in history, even surpassing the internet bubble in the late 90s of the last century.

Schiff is a staunch Bitcoin critic who has expressed his views on the soaring valuation of the world's largest cryptocurrency. He pointed out that the market value of Bitcoin has exceeded 2 trillion dollars, which is higher than the combined market capitalization of about 400 companies during the peak of the internet bubble before they went bankrupt.

“Congratulations to Bitcoin fans for blowing out the biggest bubble ever!” Schiff harassed Bitcoin investors in court on social media.

As we all know, the internet bubble was a period of rapid growth in US technology stock valuations in the late 90s of the last century, which eventually burst between 2001 and 2002. Some of the most sought-after tech companies eventually went bankrupt, such as Pets.com and eToys.com, while companies such as Microsoft and Amazon eventually got through.

This isn't the first time Schiff has expressed doubts about Bitcoin. He previously viewed Bitcoin's bull run as a “popular illusion” and “group insanity,” and warned that losses when the bubble bursts would be “amazing.”

Schiff isn't the only one linking the cryptocurrency bull market to the internet bubble either.

Charlie Munger, the late legendary investor and long-time partner of Warren Buffett, once compared the cryptocurrency market to the internet bubble of the late 90s, calling it “massive stupidity.”