Gold Advocate Peter Schiff Regrets Avoiding Bitcoin Investment in 2011
Peter Schiff, a frequent Bitcoin critic, has unexpectedly admitted that Bitcoin might reach $100,000. The CEO of broker-dealer Euro Pacific Capital apparently voiced concern for not buying cryptocurrencies sooner. He, on the other hand, is as pessimistic as always.
Schiff is well-known for anticipating the 2008 financial catastrophe and for being a “gold bug.” The latter term indicates someone who is very optimistic on gold as a store of value or a benchmark of wealth measurement. He is also renowned for just being a long-term cryptocurrency hater, slamming Bitcoin and altcoins at every opportunity.
In the latest interview, Schiff reaffirmed his opposition to Bitcoin. He believes the currency will never achieve its ultimate whitepaper objective of being a worldwide method of payment. He also said that Bitcoin enthusiasts, such as Anthony Pompliano, are not persuaded that consumers would really want to expend their funds on tickets and popcorn.
This he stated in reference to AMC Entertainment’s recent decision to accept Bitcoin as a payment method. Furthermore, he said that owing to the digital currency’s extreme volatility, no homeowner would take it as rent.
As a result of these factors, he thinks Bitcoin is only useful as a liquid investment. Furthermore, the gold bug said that gold performs better than Bitcoin in the aforementioned applications. Gold is utilized in the manufacture of Olympic medals, electronics, as well as the aerospace business. It has also traditionally been used as a method of payment, distinguishing it from Bitcoin.
Schiff, on the other hand, couldn’t deny that the virtual currency had been among the greatest performers since its inception, significantly outperforming gold’s yield. He hesitantly acknowledged that he wishes he had purchased the item when he first learned of it in 2011.
“I wish I had purchased Bitcoin when I first learned about it – that would have been a wise decision. Could I have invested $100,000 into it? Sure, I could. I suppose, I invested $100,000 on previous ventures that didn’t work out… I might have been one of the first Bitcoin millionaires, since I was clearly aware of it from the beginning. That is one of the things I would be doing if I could go backwards in history.” Following that, Schiff discussed Bitcoin price patterns. According to the economist, Bitcoin is highly likely to hit $100,000 or perhaps $1 million. He did, however, clarify that this possible price tag does not diminish Bitcoin’s status as a bubble. He further said that over a period of time, it might balloon into such a massive bubble that it would supplant the phrase “Ponzi scheme.”