Peter Schiff

I think the housing market is probably in worse shape now than it was before the mortgage crisis.

I think real estate prices are dramatically

overpriced in the US.

Prices should come down, I don't know, maybe 30%, 40% nationwide.

But that would put most people underwater on their mortgages and would result in a wave of defaults and foreclosures and bankruptcies.

And there's a lot of other debt, a lot of other people that own

a long-term low-yielding debt.

I mean, I think interest rates need to go much higher.

You know, they've been artificially suppressed.

So there's a big, big problem to me that's even bigger than what was going unnoticed before 08.

So I think we're headed for a crisis that will be an order of magnitude greater than 08.

But to put things in perspective for crypto and where we are here at this event, I see a lot of similarities there as well as I saw during the dot-com bubble and the housing bubble, where you have people that are trapped in a bubble and don't realize that they are.

And so there's a lot of malinvestment as a result.

You have all these companies.

Look at all these companies in the exhibit hall here.

Most of these companies are going to go bankrupt.

But they're attracting capital now because people want to get in on the action.

There's so much hype around crypto and blockchain and everything related to it.

There is a disaster coming for this industry and for the people who have invested in it.

It's a pleasure talking to you.