8 months ago
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The surging price of Bitcoin seems to be a reality Schiff didn't anticipate.
The idea of Bitcoin used to be too good to be true for Bitcoin critics. Now some of them admit they’ve missed the boat.
Bitcoin (BTC) has come a long way since its humble beginnings. A bitcoin worth $1 in the early 2010s is now worth above $69,000, turning some portfolios into millions of dollars, or even billions. This boom now leaves critics with regret: prominent gold investor and stockbroker Peter Schiff said on a recent podcast that he regrets not buying Bitcoin in the 2010s.
In a recent debate on Impact Theory with Raoul Pal, CEO of Real Vision, Schiff acknowledged his regret for not buying Bitcoin.
“Do I wish I’d thrown $10,000, $50,000, $100,000 into it?” Schiff said, pondering a hypothetical scenario where Bitcoin could have made him “worth hundreds of millions.” However, he conceded the uncertainty of hindsight, admitting, “But again, I don’t know what I would have done had I made that decision.”
Schiff said he learned about Bitcoin through a friend in the 2010s when it cost mere dollars. However, he opted not to invest at that time due to skepticism about its underlying technology and future value.
Schiff added that he would have bought Bitcoin only to bet “on other people being dumb enough to buy it and pay a higher price.” However, he admitted that Bitcoin did not collapse as he predicted.
A vocal critic of crypto, particularly Bitcoin, Peter Schiff has long maintained his disbelief, dismissing it as a worthless Ponzi scheme. In many interviews between 2013 and 2014, he repeatedly predicted Bitcoin’s collapse, famously comparing it to “tulip mania 2.0.”
Aside from crypto, Schiff also criticized non-fungible tokens (NFTs). In a March 2021 blog post, he derided them as “fake assets,” mere ownership of endlessly copyable digital images. However, his stance appears to have shifted, as evidenced by his launch of an NFT collection called “Golden Triumph” on Bitcoin Ordinals in May last year.
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