Renowned economist and Bitcoin BTC/USD critic Peter Schiff said he would have bought the leading cryptocurrency far earlier had he anticipated the “bubble” to grow as big as it is currently.
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What Happened: On Monday, Schiff, in his characteristic best, dismissed Bitcoin’s ongoing bull run as a “popular delusion” and “madness of crowds.”
“The overall losses when the bubble finally pops will be staggering,” Schiff alarmed.
He added that it’s not just the speculators who will be left holding a bag of worthless Bitcoin, but also the investors who funded all the infrastructure and related businesses. “This is likely the biggest misallocation of resources in human history.”
Interestingly, Schiff said that he would have loaded up on Bitcoin when it was priced at $1 if he had seen the “bubble” growing as big as it was today.
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Why It Matters: Schiff’s critics believe he secretly owns Bitcoin, in contrast to the overtly critical positions he takes on social media. The economist has consistently denied this claim.
In one of the interviews in March, Schiff said that even if he had bought Bitcoin, he would have kept it to himself.
Schiff’s views come in the wake of Bitcoin’s historic rally, breaching $89,500, driven by optimism surrounding President-elect Donald Trump’s supportive stance on cryptocurrencies.
However, Schiff expressed skepticism about the surge in Bitcoin’s value, attributing the rally to a “Trump-inspired mania” rather than any intrinsic value of the cryptocurrency.
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