Bitcoin

From Bitcoin Basher To buyer? Peter Schiff’s Shocking Confession

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In an odd turn of events, popular Bitcoin critic and Gold advocate Peter Schiff has expressed his regrets about missing out on investing in BTC while acknowledging its potential to yield productive investment rewards.

Regrets Over Bitcoin Investment Decision

Real Vision Chief Executive Officer (CEO) Raoul Pal shared a short clip of an interview with Peter Schiff where he revealed his regrets for not investing in Bitcoin during its early days on X. Schiff wishes he had invested in the largest cryptocurrency asset when an opportunity was presented to him, suggesting BTC as a lucrative asset.

When asked if he could have gone back in time, specifically 10 years ago, would he have considered purchasing Bitcoin, the gold advocate admitted that he would, noting that he is not an “idiot.” 

“Do I wish I had decided to have invested $10,000, $50,000, $100,000 into it? Yeah, sure,” he added. Peter Schiff emphasized that had he invested, he might have gained massive wealth by, possibly “hundreds of millions of dollars assuming he did not sell the coin.”

However, he asserted he did not know what he would have done if he had purchased Bitcoin by then. Even with this admission, he insists he is still dubious about the underlying principles of Bitcoin.

Furthermore, he pointed out that he would have stayed quiet about his investment, attributing any possible gains to the “dumb” choices made by others. This is because he does not believe in BTC, and he would never have encouraged anyone else to acquire the digital asset.

Schiff also noted that his position on the cryptocurrency would not have changed publicly had he invested in it. “I think publicly, I would have been singing the same song, I just would have made a lot of money if I had bought it,” he stated.

According to him, one of his colleagues introduced BTC to him back in 2010, when the asset was valued at around $1, and he thought about investing a substantial amount into it, nonetheless, he was very skeptical about the coin, flagging its potential investment as “ridiculous” and he missed it.

Another reason why Schiff did not invest in BTC is because he did not see it having such a “bubble potential” in the future. Even though Schiff was a little confident about its price going higher, he admits that he just did not want “anything to do with it.”

The Upcoming Halving Event Will Not Cut BTC In Half

On Tuesday, Peter Schiff expressed his insights on the significance of the upcoming Bitcoin Halving event expected to take place in April. The gold advocate claims that this year’s event will not be cutting BTC supply in half, suggesting a shift in the initiative.

According to Schiff, “more than 90%” of the overall BTC supply is currently in circulation, and he believes that the supply growth rate is “the only thing” that has been cut in half. Thus, he thinks it is “not what miners produce” that matters the most, but rather “how much of the current supply holders desire to sell”. 

Bitcoin
BTC trading at $73,404 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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