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- While speaking with Raoul Pal, Schiff intimated that he missed the early Bitcoin wave.
- Bitcoin, Schiff had previously said, is a “pure ponzi” with no real value.
A prominent Bitcoin opponent, gold advocate Peter Schiff, now says he wishes he had purchased Bitcoin (BTC) in 2010, when a coworker first introduced him to the cryptocurrency. While speaking on March 13th with Raoul Pal, co-founder and CEO of Real Vision, Schiff intimated that he missed the early Bitcoin wave.
Schiff stated:
“Do I wish I had made the decision to have thrown $10,000, $50,000, $100,000 into it? Sure. I may be worth hundreds of millions assuming I didn’t sell but again I don’t know what I would have done had I made that decision.”
Pure Ponzi with No Real Value
In the conversation, Pal and Schiff argued over whether Bitcoin would eventually reach zero or one million dollars. Bitcoin, Schiff had previously said in an interview with Yahoo Finance on November 29th, is a “pure ponzi” with no real value. To be fair, he did contemplate purchasing Bitcoin in 2010 when its price was around $1, as he discloses in his most recent interview. But in the end, he concluded it wasn’t worth it since the cost was “ridiculous.”
While Schiff maintains he would have “kept quiet” if he had purchased Bitcoin, he has never and does not believe in the cryptocurrency’s underlying principles.
According to Schiff, if his Bitcoin investment had been successful, he would have felt more like a “genius” than a “gambler.” As a result, he would have shared the “delusion” of Bitcoin investors, whom he subsequently criticized as “greedy” and “foolish.”
By calling Bitcoin an investment for “fools,” Schiff has long sought to dissuade his followers from becoming involved in the cryptocurrency market. On occasion, however, he does concede that Bitcoin hasn’t crashed to earth in the way he had predicted.
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