Bitcoin Reaches Record Highs, Turning Critics into Believers
The Bitcoin bull run is in full swing, with Bitcoin soaring to new heights and reaching an all-time high. This has caused some of the old critics of Bitcoin to have a change of heart and reconsider their views on the cryptocurrency.
Peter Schiff Regrets Not Investing in Bitcoin Earlier
Peter Schiff, one of the earliest critics of Bitcoin and a well-known proponent of gold, recently expressed his regrets about not getting into Bitcoin earlier. In a tweet, Schiff admitted that if he had bought Bitcoin back in 2010 when it was relatively unknown and considered a short-term innovation, he would have had so much Bitcoin that he would have been selling gradually all the way up.
“Yes, but if I bought then I may have had so much Bitcoin that I would have been selling gradually all the way up. So I still might have some left to sell.” – Peter Schiff
In an interview on Impact Theory with Raoul Pal, Schiff further expressed his regrets about not investing in Bitcoin when he had the chance. He admitted that he considered investing $10,000, $50,000, or even $100,000 into BTC back in 2010 when it was priced at just $1. However, at the time, he thought the investment was ridiculous and decided against it.
Schiff believes that investing in Bitcoin would have made him a genius and less of a gambler. However, he also stated that such an investment would have made him delusional. He views Bitcoin investors as delusional and has often referred to them as fools.
“Bitcoin related publications are falsely claiming that I’ve changed my position on #Bitcoin because I admitted I wished I had bought some back in 2010. I think everyone wished they bought Bitcoin in 2010. Even those who did wish they bought more. If I had bought then I’d sell now.” – Peter Schiff
Despite his regrets, Schiff still maintains his negative views on Bitcoin and has referred to it as a pure Ponzi scheme with no underlying value. He believes that the demand for Bitcoin is based solely on the belief that it can be sold to someone else at a higher price.
Bitcoin vs. Gold
Bitcoin’s performance and increasing market cap have surprised many critics, especially those who have traditionally viewed gold as the ultimate store of value. Bitcoin is often referred to as digital gold and has even started to cut into gold’s market cap.
Schiff himself has admitted that spot Bitcoin exchange-traded funds (ETFs) may be gaining market share from gold. However, he warns that Bitcoin investors would suffer if the cryptocurrency were to experience a significant decline.
Hot Take: The Changing Views on Bitcoin
The recent surge in Bitcoin’s price has caused some of its old critics to reconsider their stance on the cryptocurrency. Peter Schiff, one of the earliest critics of Bitcoin, expressed his regrets about not investing in it earlier and admitted that he considered investing in BTC back in 2010 when it was priced at just $1.
However, Schiff still maintains his negative views on Bitcoin and believes that it is a pure Ponzi scheme. Despite his regrets, he does acknowledge that spot Bitcoin ETFs may be gaining market share from gold.
Overall, the changing views on Bitcoin highlight its growing acceptance and recognition as a legitimate asset class. As the cryptocurrency continues to reach new highs, more skeptics may find themselves becoming believers.
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