Peter Schiff, the founder of SchiffGold, a prominent gold and precious metals trader who has long criticized Bitcoin as having no value, recently admitted that he regrets not buying Bitcoin. He revealed that he had considered investing up to $50,000 in Bitcoin in 2010 when its price was less than $1, but ultimately decided against it.
Despite his previous negative stance on Bitcoin, Schiff now acknowledges his regret for not purchasing it. This confession comes as Bitcoin surged to a record high of $73,000 this week. In a podcast with Real Vision CEO and crypto bull Raoul Pal, Schiff expressed his regret and stated that if he could go back in time, he would definitely buy Bitcoin.
Schiff mentioned that back in 2010, he had contemplated investing $50,000 in Bitcoin when its price was still far below $1. However, he dismissed the idea at the time, considering it absurd. For years, Schiff has maintained that Bitcoin cannot be compared to precious metals, claiming that it lacks any potential use cases and that its value is purely speculative, carrying the risk of eventually crashing to zero. Nevertheless, he now admits that buying Bitcoin could have been profitable.
Despite the success of several Bitcoin ETFs launched in the United States since January, attracting a net inflow of $13.2 billion, Schiff still believes that investors in Bitcoin ETFs are simply gambling. He views ETFs as merely providing another way to bet on Bitcoin.
When asked by Raoul Pal if his views on cryptocurrencies would change if he had invested early, made money, and participated more in the crypto community, Schiff admitted that it is possible for his perspective to change.
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