Despite his long-standing skepticism, Peter Schiff acknowledges he would purchase Bitcoin if given another chance, though his disbelief in its value remains unchanged.
Prominent gold advocate and vocal cryptocurrency skeptic Peter Schiff has conceded that he regrets not purchasing Bitcoin (BTC) sooner.
In a recent interview released on Tuesday, Schiff responded affirmatively to the question of whether he would have invested in the cryptocurrency earlier, had he known its future value, stating, “Of course – I’m not an idiot.”
Peter Schiff Wishes He Had Embraced Bitcoin Sooner
Schiff revealed that in 2010, he contemplated investing as much as $50,000 in Bitcoin when its price was significantly less than a dollar. However, he ultimately dismissed the idea as “ridiculous.”
Reflecting on his decision, Schiff admitted to interviewers Tom Bilyeu and Raoul Pal, “Yeah, clearly I wish I’d have bought it.” Yet, he also clarified, “But even if I had, I wouldn’t have encouraged others to do the same. I’d have remained silent because I never truly believed in its value.”
For years, Schiff has criticized Bitcoin, labeling it “fools gold” and arguing it cannot match precious metals in serving as a reliable store of value or hedge against inflation. He maintains that Bitcoin’s speculative nature and lack of tangible utility pose a risk of its value plummeting to zero.
“I didn’t anticipate this level of speculative bubble,” he confessed. “I thought it might rise in value, but I decided it wasn’t worth the hassle.”
ETF Investors Seen as Speculators by Schiff
The introduction of several U.S. Bitcoin spot ETFs at the beginning of the year, heralded as the most successful ETF launch in history, has propelled Bitcoin to new all-time highs. Schiff views participants in these ETFs, which have garnered over $11.8 billion since their inception, as mere speculators.
“The ETFs have just become another avenue for speculative investment in Bitcoin,” he criticized.
In a conversation with Raoul Pal, the CEO of Real Vision and a well-known crypto enthusiast, Schiff was questioned whether his views on cryptocurrency might have evolved had he invested early and profited significantly. Schiff acknowledged that “it’s possible.”
Admitting to his outsider perspective, Schiff added, “It’s easy to recognize a bubble from the outside. So perhaps if I were part of it, if I had become a crypto billionaire, my views might be different.”