Peter Schiff Regrets Not Buying Bitcoin in 2010

Economist Peter Schiff, known for his unwavering support of gold and scathing criticism of Bitcoin, reveals that he wishes he’d invested in the cryptocurrency more than a decade ago.

Peter Schiff regrets not buying Bitcoin when it was worth $1

The economist and long-time supporter of gold, Peter Schiff, never ceases to surprise the crypto community with his actions and words. After supporting the launch of a NFT collection on the Bitcoin blockchain, he returns with a more shocking story, expressing remorse over his decision not to invest in Bitcoin in 2010.

During an interview with Raoul Pal, co-founder and CEO of Real Vision on Wednesday March 13, Schiff said that he would have liked to invest between $10,000 and $100,000 in 2010 when a colleague first introduced him to crypto, when it was only worth about $1.

Schiff admits that he could have amassed a considerable fortune had he made this decision, estimating its potential value at hundreds of millions of dollars. However, Schiff states that if he had bought Bitcoin, he would “stay quiet about it, because he never believed in his fundamentals.

He explains that he would have invested by betting that other people would be stupid enough to buy it and pay a higher price”.

Despite his regrets, Schiff hasn’t changed sides!

The interview also gave rise to a lively debate between Pal and Schiff on the future of Bitcoin, i.e. whether the cryptocurrency is heading towards zero value or towards the million-dollar mark.

Despite this surprising revelation, Peter Schiff has not changed his opinion on Bitcoin. A few months before the interview, he had called the crypto a “pure ponzi” with no underlying value. He maintains that the demand for Bitcoin is based on the belief that it can be sold at a higher price to someone else.

Schiff believes that a successful investment in Bitcoin would have made him feel more like a “genius” than a “gambler” leading him to fall into the same “illusion” as Bitcoin investors, whom he describes as “greedy” and “idiots”. This statement underlines that, despite his regrets, Schiff remains skeptical about Bitcoin’s intrinsic value. Even if, being objective, he might have lost his BTC in the 2013 Mt.Gox hack, as many did at the time.

It was the first time that the lesson “not your keys, not your coins” was understood by many. Fortunately today it’s easy to store your cryptos thanks to wallets like D’Cent Wallet. You own your keys and over 3,000 cryptos are supported!

Bitcoin, a rival for gold?

Despite this, Bitcoin is often perceived as digital gold and some analysts believe that crypto is beginning to take market share from gold. This trend has accelerated since the launch of Bitcoin cash exchange-traded funds (ETFs) in the US in January.

Schiff recognizes that gold could lose ground against Bitcoin ETF, but he is concerned about the difficulties investors may face in recovering their funds in the event of a sharp fall in the crypto’s price.

In any case, Bitcoin now ranks as the world’s eighth most valuable asset, with a market capitalization of over $1.4 trillion, slightly surpassing that of silver.