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Peter Schiff, once a staunch critic of Bitcoin, has had a change of heart, admitting that he now regrets not buying the cryptocurrency when it was first introduced to him in 2010. In a recent interview on Impact Theory with Real Vision’s Raoul Pal, Peter Schiff expressed his hindsight, acknowledging that he missed out on a potential windfall.
Previously branding Bitcoin as a “pure ponzi” with no intrinsic value, Schiff now reveals that he contemplated purchasing Bitcoin when it was trading at around $1, but ultimately dismissed the idea as “ridiculous.” Despite his admission of regret, Schiff maintains his skepticism towards Bitcoin’s fundamentals, suggesting that if he had invested, he would have done so purely as a speculative move, banking on others’ willingness to pay higher prices.
Schiff’s ongoing aversion to Bitcoin stems from his belief that it lacks substance and relies solely on speculative demand. Despite occasional acknowledgments that Bitcoin has defied his expectations by not collapsing, Schiff remains critical of its long-term viability.
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