In a reversal from his prior controversial stance, Peter Schiff, who once labeled Bitcoin a “pure Ponzi scheme,” recently expressed remorse over not purchasing the cryptocurrency.
Schiff claimed that had he invested in Bitcoin, he would have refrained from discussing it, as he never had confidence in its fundamentals.
In a surprising turn of events, the gold advocate Peter Schiff, renowned for his critical stance on Bitcoin, conceded that he regretted not investing in the cryptocurrency when it was introduced to him by a colleague in 2010.
During a March 13 debate with Raoul Pal, Schiff appeared to acknowledge missing an opportunity to invest in Bitcoin early on.
“Do I wish I had decided to have thrown $10,000, $50,000, $100,000 into it? Sure,” said Schiff, adding:
“I may be worth hundreds of millions assuming I didn’t sell but again I don’t know what I would have done had I made that decision.”
In the interview, Pal and Schiff engaged in a spirited debate over whether Bitcoin was destined to plummet to zero or soar to $1 million.
Schiff previously declared in a November interview with Yahoo Finance that he regarded Bitcoin as a “pure Ponzi” devoid of intrinsic value.
“Bitcoin is a pure ponzi, it’s a pyramid, the demand for Bitcoin is based on the belief that you can sell it to somebody else at a higher price.”
In contrast to his prior viewpoints, Schiff mentioned that he almost purchased Bitcoin when it was priced at $1 in 2010 before changing his mind.
Despite contemplating an investment in Bitcoin in 2010, he ultimately dismissed the idea, deeming the investment unworthy.
“I would have bought it just betting on other people being dumb enough to buy it and pay a higher price.”
According to Schiff, individuals who have profited from Bitcoin investments often overestimate their intelligence and disregard the associated risks, leading to increasingly reckless decisions.
Schiff consistently advised his audience to steer clear of Bitcoin investments, frequently denouncing it as a perilous, “reckless” endeavor.
Despite his persistent warnings about the risks of investing in Bitcoin, Schiff occasionally acknowledged that it has not crashed as he predicted.
Several analysts posit that the introduction of spot Bitcoin ETFs in the U.S. has begun to erode the $14.6 trillion market cap of gold, as investors perceive Bitcoin as “digital gold.”
Schiff acknowledged that gold’s market share might be diminishing due to the rising popularity of spot Bitcoin ETFs.
While acknowledging the potential popularity of spot Bitcoin ETFs, Schiff voiced concerns about investors’ ability to liquidate their holdings when Bitcoin prices decline.
Gold was priced at $1,130 per ounce in 2010 and has appreciated by 91.8% since then, with the current price at $2,168 per ounce.
While gold has seen a 91.8% increase since 2010, other investments like the S&P 500 Index ETF have experienced significantly more growth, with a 350% increase during the same period.
Based on data from Companies Market Cap, Bitcoin currently ranks as the world’s eighth most valuable asset, trailing behind gold, several tech companies, and Saudi Aramco.
