In a recent interview with Real Vision co-founder and CEO Raoul Pal on Impact Theory, gold proponent Peter Schiff, known for his criticism of Bitcoin, expressed regret over not buying Bitcoin (BTC) when it was first introduced to him in 2010 by a colleague.
Schiff admitted that he wished he had invested a significant amount in Bitcoin back in 2010 when the price was around $1. He speculated that such an investment could have potentially made him worth hundreds of millions, assuming he didn’t sell. However, he also acknowledged uncertainty regarding what he would have done had he made that decision.
Despite reflecting on the missed opportunity, Schiff reiterated his skepticism towards Bitcoin. He described it as a “pure ponzi” in a previous interview and emphasized that its demand is based on the belief of selling it to someone else at a higher price.
Schiff stated that if he had invested in Bitcoin, he would have done so purely to profit from others’ willingness to buy at higher prices. He maintained that he has never believed in Bitcoin’s fundamentals and would have kept quiet about his investment.
While acknowledging Bitcoin’s rise and its potential impact on gold’s market share, Schiff remains critical. He believes investors may struggle to cash out funds when Bitcoin experiences significant downturns. Despite gold’s increase in value since 2010, it has been outperformed by index funds like the Standard & Poors 500 ETF (SPY).
Bitcoin currently ranks as the eighth largest asset by value, trailing behind gold and other assets. Despite its growing market cap, Schiff remains steadfast in his belief that Bitcoin is a risky investment.
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