Peter Schiff, CEO of Euro Pacific Capital and bestselling author of "Crash Proof," believes the impending collapse of the United States dollar should be getting the attention of investors and news outlets and not the devaluation of the Chinese yuan.

Speaking in an interview with Newsmax TVon Tuesday, Schiff explained that the U.S. economy has an abundance of problems but China's monetary policy (SEE: Donald Trump on China's Devaluation: 'They're just destroying us') isn't one of them.

The contrarian investor stated that China's economy isn't experiencing a freefall and the current devaluation is minuscule. He noted that the yuan's value has substantially increased over the past several years compared to the U.S. dollar. "So this move was motivated not by the exchange rate between the yuan and the dollar, but between the yuan and all the other currencies because the dollars is in a bubble right now," he said. "The dollar is very overvalued … and the dollar is a bubble. This dollar bubble is going to burst."