Peter Schiff, the founder of SchiffGold, a prominent gold and precious metals trader, has 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. Schiff, who has been known for his criticism of Bitcoin and his belief that it has no value, has previously praised ChatGPT for not recommending Bitcoin as a smart choice and has also stated that the approval of a Bitcoin ETF would cause its price to collapse due to lack of demand from institutional investors.
However, as Bitcoin surged to over $73,000 this week, reaching new all-time highs, Schiff has had a change of heart. According to a report by CryptoPotato, Schiff recently admitted during a podcast with Real Vision CEO and crypto bull Raoul Pal that he regrets not buying Bitcoin and that if he could go back in time, he would definitely invest in it. Schiff revealed that as early as 2010, he had considered investing $50,000 in Bitcoin when its price was still far below $1, but he ultimately dismissed the idea as absurd.
For years, Peter Schiff has staunchly argued that Bitcoin cannot be compared to precious metals and that it lacks any potential use cases. He believed that its value was purely speculative, carrying the risk of crashing to zero. However, he now acknowledges that buying Bitcoin could have been a profitable investment.
Since the launch of several Bitcoin ETFs in the US in January this year, they have attracted a net inflow of $13.2 billion, making them one of the most successful ETF launches in history. However, Peter Schiff still believes that investors in Bitcoin ETFs are merely gambling and that ETFs only provide another way to bet on Bitcoin.
When asked by Raoul Pal during the podcast if his views on cryptocurrencies would change if he had invested early and made money, and if he would become more involved in the crypto community, Peter Schiff admitted that it is possible.