Peter Schiff, a Bitcoin Skeptic, Admits to Investment Regret

The Bitcoin bull run has kicked off properly. And Bitcoin has surged to new heights, reaching an all-time high.

Bitcoin faithful are no doubt thrilled about this. However, some old critics are having second thoughts about their views on Bitcoin.

Bitcoin Soars to Record Highs, Turning Critics into Believers

One of the earliest Bitcoin critics, Peter Schiff, recently expressed his regrets about not getting in earlier. Schiff is a known gold proponent. Interestingly, Schiff had the chance to scoop a large amount of Bitcoin as early as 2010. At the time, Bitcoin was unknown and considered a short-term innovation.

Yes, but if I bought then I may have had so much Bitcoin that I would have been selling gradually all the way up. So I still might have some left to sell.

— Peter Schiff (@PeterSchiff) March 14, 2024

Schiff expressed his regrets in an interview on Impact Theory with Raoul Pal. The 60-year-old stockbroker regrets not having thrown “$10,000, $50,000, $100,000” into BTC. So, Schiff admits that he considered investing in BTC in 2010. At the time, Bitcoin sold for $1. He finally decided against it, though, thinking the investment was “ridiculous.”

Schiff believes investing in BTC would have made him a “genius” and less of a “gambler.” However, he added that such an investment would have made him delusional. Schiff views Bitcoin investors as delusional.

Bitcoin related publications are falsely claiming that I've changed my position on #Bitcoin because I admitted I wished I had bought some back in 2010. I think everyone wished they bough Bitcoin in 2010. Even those who did wish they bought more. If I had bought then I'd sell now.

— Peter Schiff (@PeterSchiff) March 14, 2024

Schiff claimed he could be “worth hundreds of millions” if he invested in Bitcoin and did not sell. Schiff’s comments come months after he said Bitcoin was “pure Ponzi” with no underlying value. He told Yahoo Finance in November 2023: “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.”

Schiff often calls Bitcoin an investment for “fools.” And he has tried to discourage his listeners from embracing it. However, he often concedes that Bitcoin hasn’t crashed the way he had predicted.

Bitcoin is the New Gold

Bitcoin critics aren’t only dismayed by its performance. Most are surprised to see the asset pitched side by side with gold. Most modern experts view Bitcoin as digital gold. Some claim the arrival of spot Bitcoin exchange-traded funds (ETFs) is a game-changer. Since then, Bitcoin has begun to cut into gold’s $14.6 trillion market cap.

Peter Schiff has admitted that spot Bitcoin ETFs may be gaining market share from gold. However, he believes BTC investors would suffer if Bitcoin takes a significant decline.

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