Gold proponent Peter Schiff, a known Bitcoin critic, now says he wished he had bought Bitcoin in 2010 when a work colleague first introduced the cryptocurrency to him.
Speaking in a March 13 interview on Impact Theory with Real Vision co-founder and CEO Raoul Pal, Schiff hinted he missed the early boat on Bitcoin.
“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.”
The interview involved a debate from Pal and Schiff over whether Bitcoin is on a trajectory toward $0 or $1 million.
Just in case you didn't see me politely hang, draw and quarter Peter Schiff, enjoy https://t.co/vr1efNJw3p
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 claims if he did buy Bitcoin he would have “kept quiet” he has never, and still doesn’t believe in its fundamentals.
“I would have bought it just betting on other people being dumb enough to buy it and pay a higher price.”
Schiff added that a successful Bitcoin investment would have made him feel more like a “genius” than a “gambler” and therefore, he would’ve fallen under the same “delusion” as Bitcoin investors, which he later described as “greedy” and “foolish.”