Peter Schiff Says He'd Admit He Was Wrong On Bitcoin If He Wakes Up In A World Where...

Economist Peter Schiff said in a recent interview that he would admit being wrong about Bitcoin BTC/USD if the world wakes up to a “hyper Bitcoinization” scenario.

What Happened: During an interview that aired Monday, Schiff was asked about what it would take for him to drop his long-standing skepticism and start buying into the apex cryptocurrency.

“I haven’t bought it yet, and it’s gone from practically nothing to $100,000. So if that hasn’t convinced me, what’s going to convince me?” the Bitcoin skeptic replied.

For the sake of argument, Schiff then envisioned a Bitcoin utopia. “I suppose what everybody is saying is one day we’re going to wake up in hyper Bitcoinization and Bitcoin is going to be money. There won’t be any more dollars or any more euros or any more yen.”

He added that if he woke up in such a world where everything, from insurance to bonds, is priced in Bitcoin, he would have to admit that he was wrong about Bitcoin.

“i guess if I wake up in that world, I’d have to admit that I was wrong.”

“I just don’t believe that that’s ever going to happen because we’re no closer to that now than we were 10 years ago,” Schiff was quick to add. He said Bitcoin is being used more for “gambling” than as a medium of exchange.

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Why It Matters: Schiff’s views on Bitcoin have been a topic of debate in the cryptocurrency community. He has consistently claimed that the leading cryptocurrency lacks intrinsic value and is destined to fail.

Earlier this year, he referred to Bitcoin as a "digital risk" and predicted that the financial turmoil of 2025 could mark its end.

Interestingly, Schiff said in a recent podcast that his teachings on economics inadvertently led many to invest in Bitcoin, despite his advice against it. He added that many Bitcoin 2025 conference attendees cited him as the reason they purchased the apex cryptocurrency.

Price Action: At the time of writing, BTC was exchanging hands at $109,592.46, up 0.30% in the last 24 hours, according to data from Benzinga Pro.

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