After many years of criticising bitcoin, popular gold bug Peter Schiff has regrets for not investing in the crypto asset more than a decade ago.
The recent Bitcoin bull run has caused doubters to FOMO; this time, it reached notorious antagonist Peter Schiff. In an Impact Theory podcast on Wednesday, the gold maximalist said he regretted not repurchasing the crypto asset in 2010.
“Do I wish I had made the decision to have thrown $10,000, $50,000, $100,000 into it? Sure. I may be worth hundreds of millions, assuming I didn’t sell,” Schiff stated in the interview.
The gold bug had never publicly folded over BTC since hitting the limelight over his persistent criticism of the crypto asset. Notably, his discredit for the largest cryptocurrency saw him threaten to disinherit his son after revealing a 100% exposure to Bitcoin.
A Different Schiff
Schiff stated that if he had bought Bitcoin back in 2010, he could have kept quiet about venturing into the asset. According to him, he wouldn’t be singing the same song had he acquired Bitcoin for under $1.
“I would have bought it just betting on other people being dumb enough to buy it and pay a higher price,” he added.
Reacting to Schiff’s comments, his co-invitee, Raoul Pal, saw a different light on the gold bug’s hate for Bitcoin. According to him, Schiff was all about the place preaching against Bitcoin because he missed his opportunity to buy early.
“So you don’t think there is a remote chance you would have been more enthusiastic about it had you bought it, been involved in the community, made some money, attended some of these conferences, saw what was going on with the technology. Could it be a different Peter Schiff, and it could be Schiff Crypto written on the wall there. I think there is a chance it could have been, and maybe you missed it,” Pal noted.
Parabolic Movement
Bitcoin has continued to outperform traditional asset classes, including gold and silver. The crypto asset is up over 200% over the past year compared to gold’s 13% increment.
Bitcoin recently flipped silver in market cap following increased demand from US exchange-traded funds (ETFs) and other macroeconomics. Toppled by only a few tech firms in the US and gold, Bitcoin now sits as the eighth largest asset by market cap.
Since overcoming the hurdle from its previous all-time high, Bitcoin has continued to hit new daily highs and is currently trading just below $73,000. The asset has a market cap of $1.4 trillion.
