He first talks about why he thinks bitcoin's latest run up is irrelevant and why he still sees bitcoin going to zero. Schiff starts out the interview by railing on Microstrategy CEO Michael Saylor for his take on bitcoin and for what Schiff calls "encouraging reckless buying" of bitcoin from the general public.

"You only make money if you succeed in convincing other people to buy," Schiff says about bitcoin, before challenging Saylor to a debate on the topic.

When asked about whether or not he thinks crypto could wind up becoming a systemic threat to the global financial system, Schiff responds: "I think it's just another manifestation of the everything bubble."

The topic then turns to whether or not Peter believes that China could make a run at the U.S. for the world's top economic superpower. Schiff says that the country would have to go back to a gold standard in order to do so. The country would have to convert its forex reserves to gold, Schiff says. He also comments that the coming digital Yuan would have to be backed by gold if it's going to have "any real value" as a global reserve currency.

He also predicts that the Chinese are going to "look real smart" for getting out of bitcoin and that the U.S. is going to "look like idiots" for going all in on crypto.

"There's a lot of people in the crypto community that think bitcoin will be the instrument of the dollar's destruction. If China's goal is to dethrone the dollar and they thought bitcoin could do that, then they would be supporting bitcoin. So I don't think they see bitcoin as a threat against the dollar at all," Schiff says.