If You Invested $1,000 In Bitcoin When Peter Schiff Said BTC Would Never Hit $100K, Here's How Much You'd Have Now

Leading cryptocurrency Bitcoin BTC/USD smashed through the $100,000 milestone Wednesday, Dec. 4, adding to the list of all-time highs the crypto has passed since the 2024 presidential election.

What Happened: Many cryptocurrency investors and analysts were quick to celebrate Bitcoin reaching the $100,000 milestone, a key moment in the history of the sector.

One of the names that voiced their opinion on the milestone was economist Peter Schiff.

"It's ironic that #Bitcoin only hit $100k by buying off politicians and getting in bed with government. Without expected government intervention, this milestone never would have been hit. What couldn't be done in a free market was achieved through the cohesive power of the state," Schiff tweeted.

The tweet received a Community Note on X with users pointing out that government intervention has influenced crypto and Bitcoin for years both positively and negatively.

"Schiff's claims are biased speculation. The SEC specifically is facing legal action for market suppression, directly counter to Peter's claim," the Community Note says.

For those unfamiliar, Schiff has been one of the most outspoken critics of Bitcoin and is a key supporter of gold.

Schiff later replied that "intervention may not have been the best term" and that bailout could have been more accurate.

"I'm referring to the much-hyped Strategic Bitcoin Reserve, where the government would use public money, taken by force, to buy Bitcoin."

Schiff famously tweeted about the $100,000 milestone back in 2019.

"Keep dreaming. Bitcoin is never going to hit $100,000!" Schiff told a user on X back on Nov. 8, 2019.

Over the years, users have been quick to respond to Schiff's claims that Bitcoin will never reach certain milestones and fall in value. Some Bitcoin supporters, like Mark Yusko, have even challenged Schiff, pitting the return of Bitcoin versus gold going forward.

On Wednesday, Dec. 4, Bitcoin passed the $100,000 milestone and reached a new all-time high of $103,900.47.

Read Also: EXCLUSIVE: Bitcoin Crossing $100,000 Is A ‘Defining Moment,’ Experts Say

Investing $1,000 in Bitcoin: Investors who went against Schiff's famous tweet in 2019 are likely smiling as the cryptocurrency has increased in value substantially.

Bitcoin hit a high of $9,272.76 on Nov. 8, 2019. A $1,000 investment at the time could have purchased 0.1078 BTC. The $1,000 investment would be worth $11,084.51 today, up 1,008.5% over the last five years, based on a price of $102,824.78 for Bitcoin at the time of writing.

Compare that return to the S&P 500 and a leading gold ETF. The same $1,000 invested in the SPDR S&P 500 ETF Trust SPY, which tracks the S&P 500, could have bought 3.24 SPY shares. The investment would be worth $1,968.82 today, up 96.9%.

The same $1,000 invested in the SPDR Gold Trust ETF GLD could have bought 7.23 GLD shares. The investment would be worth $1,768.96 today, up 76.9%.

Schiff believes that Bitcoin will not be valuable in the long run, but perhaps he should have followed the idiom "never say never."

Read Next:

• If You Bought $1 Worth Of Bitcoin At Launch, Here’s How Much You’d Have Today

Photo: Gage Skidmore on Flickr and Midjourney.