The cryptocurrency market will be hit by an epic crash in the future with the price of cryptocurrency major bitcoin plunging by 90 percent, according to Wall Street veteran Peter Boockvar.
He noted that the bitcoin bubble is bursting and the price will continue to decline in 2018 to $1000, which was the digital currency's price a year ago.
The financial expert, while talking on CNBC's "Futures Now", said, "When something goes parabolic like this has, it typically ends up to where that parabola began."
Bitcoin was priced at $11,878.60 as of 4.30 am ET Monday, down 0.74 percent, with a market cap of $199.78 billion.
Will the price come to a grinding halt or be a slow and steady drop? He is not sure, but he said it is coming.
Boockvar, chief investment officer at Bleakley Advisory Group, is certain that the classic bubble is already coming out.
"I wouldn't be surprised if over the next year it's down to $1,000 to $3,000," he added.
Boockvar believes the easy money policies designed to ease the effects of the global financial crisis by central banks, including the Federal Reserve, caused the cryptocurrency mania.
Boockvar asked, "You have to wonder if we never heard of quantitative easing, would there have been cryptocurrencies?"
The unregulated virtual currency, which was started in 2009, has been highly volatile for the past few months. In December, bitcoin reached near $20,000, while last week, it plunged below $10,000 briefly. The sell-off reflected government proposals to regulate the cryptocurrency market, mainly in the major digital currency markets of South Korea and China.
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