Bitcoin Critic Peter Schiff Regrets Missing Out On BTC Investment In Early Days: 'I Would Have Bought It Just Betting On Other People Being Dumb'

Gold bull Peter Schiff on Wednesday with Real Vision’s co-founder Raoul Pal on the show Impact Theory expressed a twinge of regret for not purchasing Bitcoin BTC/USD back in 2010, despite his long-standing criticism of the apex cryptocurrency.

What Happened: Schiff said, “Do I wish I had made the decision to have thrown $10,000, $50,000, $100,000 into it? Sure.”

He speculated that such an investment might have made him worth a fortune by now, but also admitted uncertainty if he would have held onto the investment or cashed out earlier.

Schiff said that he had once considered buying Bitcoin when it was valued at only $1. However, he dismissed the idea, deeming such an investment “ridiculous.” Even if he had bought Bitcoin, Schiff said he would have kept it to himself. “I would have bought it just betting on other people being dumb enough to buy it and pay a higher price.”

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Why It Matters: Nonetheless, Schiff has not changed his overall critical stance towards Bitcoin. 

Schiff’s during a Nov. 29 interview with Yahoo Finance labeled Bitcoin as a “pure ponzi” and likening it to a “pyramid,” where demand is driven by investors’ hopes of offloading it at a higher price later on.

Bitcoin has now reached a market cap of $1.4 trillion, ranking it as the eighth largest asset in value.

Price Action: At the time of writing, BTC was trading at $0.18, up 8% over the last 24 hours, according to data from Benzinga Pro.

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Photo by Michael Förtsch on Unsplash