Longtime Bitcoin critic Peter Schiff admitted on March 13 that he regrets not investing in Bitcoin when he was first introduced to it in 2010. The American stockbroker, known for advocating for gold investments, had previously mocked Bitcoin as a “pure Ponzi scheme.”
During a televised debate, Schiff said that his net worth could have been over a hundred million today if he had invested in Bitcoin in 2010.
Peter Schiff Missed Bitcoin’s $1 Entry Point
Schiff noted that a colleague introduced him to Bitcoin in 2010 when it was still at the giveaway price of $0.1. At the time, he considered investing between $10,000 and $100,000 but ignored it after dismissing the merits of investing in digital assets.
Just in case you didn\'t see me politely hang, draw and quarter Peter Schiff, enjoy https://t.co/vr1efNJw3p
— Raoul Pal (@RaoulGMI) March 14, 2024
During the debate with crypto investor Raoul Pal on the Impact Theory podcast, Schiff revealed his regret of missing out on Bitcoin.
Schiff has always warned his audience to avoid the “reckless” gamble of Bitcoin over the years. He acknowledged that the crypto market had exceeded his expectations by not crashing as predicted, however.
During the debate, Schiff entertained the possibility of Bitcoin reaching 1 million dollars, though he still maintained his stance that it is more likely destined for zero.
Spot Bitcoin ETF Threats to Gold
As a renowned gold advocate, Schiff expressed concern about introducing spot Bitcoin ETFs in the U.S. He noted the development could eat up gold’s $14.6 trillion market cap.
Unlike some investors who see Bitcoin as “digital gold,” Schiff questioned whether Bitcoin investors could efficiently liquidate their holdings during major price declines.
Since Bitcoin launched in 2009, gold has appreciated by 91.8%. Other major assets, like the S&P 500 ETF, have outperformed it, with 350% gains over the same period.
On the other hand, Bitcoin has witnessed an incredible rise of over 70,000,000% within the same period. This upward trend has made it surpass silver as the 8th most valuable asset in the world by market capitalization. Bitcoin has also gone above the Swiss Franc as the 13th largest currency in the world
BITCOIN JUST FLIPPED SILVER!! pic.twitter.com/nj1VTdsFJn
— borovik.eth (@3orovik) March 11, 2024
Schiff’s final submission on Bitcoin shows how one of its most popular critics has been forced to acknowledge its merits as well as that of the crypto market.
Similar critics are beginning to admit that crypto is here to stay despite the rough experience it’s created since it debuted in 2010.