Critics' reflections: Missing the golden era of Bitcoin.
For a long time, economist and gold supporter Peter Schiff has been known for his strong criticism of Bitcoin and the entire cryptocurrency industry. He has repeatedly stated that Bitcoin has no intrinsic value and that its price is highly speculative. However, as Bitcoin's price is about to break the $100,000 mark, looking back at Schiff's comments in multiple interviews, it is not hard to see that he has expressed regret for not investing in Bitcoin multiple times.
As early as an interview 11 years ago, Peter Schiff publicly criticized Bitcoin, arguing that it was not a store of value and had no intrinsic worth. At that time, Bitcoin's price was only $300, but it has since skyrocketed over 20,000%, reaching staggering heights. However, during an interview with Impact Theory in March of this year, when asked if he would buy Bitcoin if he could go back ten years, Schiff candidly stated that he would.
He stated that he regrets not investing in Bitcoin initially, but explained that if he had bought it, it would have been because he believed others would 'foolishly' buy in, rather than because he believed in Bitcoin's value himself. He also emphasized that even if he had bought Bitcoin, he would still hold a critical attitude towards it now.
The battle between gold and Bitcoin: Schiff has long insisted on gold supremacy.
Two months ago, in a podcast with Bankless, Peter Schiff also emphasized that gold is superior to Bitcoin. He pointed out that Bitcoin is losing its original purpose due to the rise of spot Bitcoin ETFs. This economist emphasized that Bitcoin's selling point lies in self-custody and the absence of intermediaries, but currently, all demand comes from investment funds. He referred to Bitcoin as 'void,' contrasting it with gold, which has practical uses as a tangible commodity.
Schiff also emphasized that Bitcoin's disadvantage is that it could crash anytime if selling pressure exceeds buying pressure. In a podcast with PBD, when asked how he would choose between $1 million in gold, $1 million in Bitcoin, and $1 million in rare baseball cards, Schiff first chose gold, even placing the baseball cards ahead of Bitcoin. He added that Bitcoin has no intrinsic value.
Regret over missed opportunities and future prospects.
In another interview with Natalie Brunell, when asked what he wished he knew when he was younger, Schiff's first reaction was regret for missing the chance to buy Bitcoin when its trading price was around $1. He admitted that missing the golden era of investing in Bitcoin, especially with the current Bitcoin price about to break $100,000, makes this regret even more profound.
However, despite regretting not investing in Bitcoin earlier, Schiff continues to maintain his critical stance towards it. He believes that companies like MicroStrategy may face bankruptcy risks when Bitcoin ultimately crashes. He explained that ETF investors are chasing the hype of Bitcoin, and once the excitement fades, they will withdraw their investments from Bitcoin ETFs, leading to a significant market collapse.
Source: CryptoPolitan Peter Schiff believes that once the hype fades, investors will withdraw their investments from Bitcoin ETFs, leading to a significant market collapse.
Investor's choice: Gold, Bitcoin, or other assets?
Peter Schiff's perspective provides investors with a different viewpoint. His experiences and feelings of regret remind people that investment decisions require careful consideration. His insistence on gold reflects his trust in tangible assets, believing they have practical uses and intrinsic value. His skepticism towards Bitcoin serves as a reminder for investors to be wary of market volatility and speculative risks.
As the price of Bitcoin skyrockets, many early skeptics are beginning to reassess their positions. However, critics like Peter Schiff remain steadfast in believing that Bitcoin poses inherent risks. For investors, choosing to believe in Bitcoin's potential or sticking to traditional investment vehicles like gold may become a hot topic in the near future.
[Disclaimer] The market is risky; investing requires caution. This article does not constitute investment advice, and users should consider whether any opinions, views, or conclusions in this article are appropriate for their specific situation. Invest at your own risk.
'Bitcoin is about to break $100,000! Peter Schiff: I regret not entering the market earlier, but I will continue to criticize.' This article was first published in 'Crypto City.'
