Advertisement
Bitcoin Critic Peter Schiff Admits Regret Over Not Investing
- Bitcoin cruises past yet another all-time high, breaching USD $73K as the market marches on.
- Not all are enthused – Peter Schiff is still regularly updating his x followers on why gold is the safer option compared to “digital trinkets” like Bitcoin.
- However, even Schiff couldn’t deny there was some regret in not buying BTC in its earlier days, or even at any point in the past year.
- Several other anti-crypto spokespeople have been a little more receptive to the digital currency industry since its comeback from the FTX collapse and bear market in 2022.
It must be a rough time to be a Bitcoin critic (unless your name is Gary Gensler, because, you know, then you get to make the rules).
Related: Bitcoin’s Ride as Wild as a Rollercoaster, Gary Gensler Silent on Ethereum ETF
It seems like every day now investors are waking up to new all-time highs for Satoshi’s coin, with BTC breaching yet another milestone earlier this morning and hitting USD $73K (AUD $110K). It marks a weekly gain of 11%, monthly gains of 47% and annual gains of 202%. At this point, the incredible rally from a devastating 2022 is getting hard to ignore. With celebrities like Drake re-entering the frame, retail is starting to make its push toward another bull run. But not everybody is happy about the crypto market’s underdog story.
Crypto’s Staunchest Enemies Getting On Board… Kind Of
Peter Schiff, American stockbroker, personality and lover of gold, is one of Bitcoin’s biggest haters. I mean, it makes sense – BTC is the obvious successor to gold, so when a lot of your eggs are in that basket, it’s natural to despise its greatest competition. However, even though gold is performing quite well, Schiff can’t just keep Bitcoin’s name out of his mouth.
Despite rising gold prices during this speculative mania, especially in Bitcoin, investors have been selling their gold to take on risk… But this will be a huge loss for those Americans who traded in their real good for digital trinkets.
Peter Schiff Of course, this is the same bloke who warned everyone that buying Bitcoin at USD $750 (AUD $1,130) would be expensive.
However, even Schiff has been forced to admit that Bitcoin’s 12-month performance has been pretty good. In a YouTube debate with Raoul Pal, Schiff stated that he regretted not buying the digital currency because if he did, he’d be “worth hundreds of millions assuming [he] didn’t sell”.
You wouldn’t exactly call this a ringing endorsement of Bitcoin. But over the past few months we are finding more and more quotes from crypto haters like Donald Trump, Jamie Dimon and Jim Cramer that almost sound positive.
Related: ETH Struggles to Hold $4K as Dencun Upgrade Rolls Out
Don’t get us wrong – they’re nestled among hundreds of quotes reiterating their disgust at the industry. But the ever-so-slight “softening” on crypto may just be a sign of things to come.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
