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## Peter Schiff’s Regret Over Missing Out on Bitcoin

Gold proponent Peter Schiff, a well-known critic of Bitcoin, recently expressed his regret over not buying Bitcoin (BTC) back in 2010. He admitted that a work colleague introduced him to the cryptocurrency at that time, but he did not take the opportunity to invest.

In a March 13 interview on *Impact Theory* with Real Vision co-founder and CEO Raoul Pal, Schiff mentioned how he missed out on the early potential of Bitcoin. Reflecting on the situation, he indicated that he wished he had taken the chance to invest a significant amount of money into Bitcoin back then, considering the potential returns he could have made.

The debate in the interview revolved around the future trajectory of Bitcoin, with discussions ranging from the possibility of Bitcoin reaching $0 or even $1 million. Despite his past criticisms of Bitcoin, Schiff acknowledged that he had seriously considered investing in Bitcoin when its price was around $1 in 2010. However, he ultimately decided against it, deeming the investment opportunity as “ridiculous” at the time.

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Despite his past reservations about Bitcoin, Schiff admitted that if he had invested in Bitcoin, he would have done so purely as a bet on the willingness of others to buy it at a higher price. He emphasized that he never believed in the fundamentals of Bitcoin and would have kept quiet about his investment in the cryptocurrency.

Schiff’s stance on Bitcoin remains skeptical, as he continues to discourage his audience from investing in the digital asset. He has often referred to Bitcoin as a “fools” investment, criticizing those who choose to invest in it. However, he has acknowledged that Bitcoin has defied his expectations by not collapsing as he had predicted.

As Bitcoin continues to be seen as a digital counterpart to gold, with some analysts suggesting that it has started to compete with gold’s market cap, Schiff has noted the potential impact of spot Bitcoin ETFs on the precious metal market. While Gold has seen significant growth over the years, it has been outperformed by index funds such as State Street’s Standard & Poors 500 ETF (SPY).

Currently, Bitcoin holds the eighth position in terms of asset value, trailing behind gold and other major U.S. tech stocks. Despite the growing popularity of Bitcoin, Schiff remains cautious about its long-term stability and the potential challenges investors may face when attempting to cash out their funds during market downturns.

Overall, Peter Schiff’s journey with Bitcoin serves as a reminder of the ever-evolving landscape of digital assets and the importance of staying informed and educated when considering investment opportunities in the cryptocurrency market.

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*Related:* Bitcoin has 6 months until ETF ÔÇÿliquidity crisisÔÇÖ ÔÇö New analysis

*Magazine:* Bitcoin hits new highs, SEC delays options decision, and stablecoin bill looms: HodlerÔÇÖs Digest, March 3-9

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