“Do I wish I had made the decision to have thrown $10,000, $50,000, $100,000 into it? Sure,” said Schiff, adding:
“I may be worth hundreds of millions assuming I didn’t sell but again I don’t know what I would have done had I made that decision.”
Just months earlier in a Nov. 29 interview with Yahoo Finance, Schiff referred to Bitcoin as a “pure ponzi’ that has no underlying value:
“Bitcoin is a pure ponzi, it's a pyramid, the demand for Bitcoin is based on the belief that you can sell it to somebody else at a higher price.”
However, in his latest interview, he reveals he seriously considered buying Bitcoin in 2010 when it was around $1. However, he ultimately decided against it, concluding the potential investment was “ridiculous.”
Schiff is interesting because I can tell he understands some parts of Bitcoin, but never know how much he actually knows. I wonder if subconsciously he sees the value in Bitcoin but needs to take the opposing side to avoid the cognitive dissonance it would bring from being a gold bug for so long. Unfortunately he's attached his identity to gold instead of to the idea of finding the best manifestation of a scarce asset free of government control.
Who cares, he would have sold at $2, he still doesn't understand bitcoin.
Peter is not bright. Peter is sad. so what?
Just ran out of time to add better context.