"Should Have Bought Gold? Gold Bull Peter Schiff: If I Could Turn Back Time, I Would Buy Bitcoin"

Famous gold advocate and Bitcoin critic Peter Schiff, after years of battling with the crypto community, finally admits that he should have bought Bitcoin as early as 2011. However, he still believes that the ongoing rise of Bitcoin will eventually lead to a massive bubble, potentially big enough to replace the term "Ponzi scheme."

He lamented, "If I could go back in time, buying Bitcoin would be one of the things I would do."

No One is Using Bitcoin for Payments

During a podcast interview on 8/19, Peter Schiff expressed regret for not buying Bitcoin early but remains pessimistic about the future of Bitcoin and cryptocurrencies.

He cited the Bitcoin whitepaper, which mentioned Bitcoin's original intent as a decentralized payment method that doesn't require third-party permission. However, he believes this is absurd as people are simply trading Bitcoin and not actually "using" it. He stated:

Some say you can't buy coffee with gold, but you can with Bitcoin, so Bitcoin is superior to gold. No one is buying coffee with Bitcoin! No one is buying anything with Bitcoin.

Recently, the leading U.S. cinema chain AMC announced that consumers can now purchase movie tickets with Bitcoin. Peter Schiff commented:

Even Bitcoin supporters like Anthony Pompliano don't believe anyone would use their crypto assets to buy movie tickets or popcorn; due to the extreme price volatility, landlords wouldn't accept Bitcoin for rent either. Its only function is to allow speculation by the public.

He emphasized the diverse uses of gold, from Olympic gold medals to electronic components and even essential materials for space missions. Additionally, being a historical mainstream payment method, gold has significant advantages over Bitcoin.

For Peter Schiff, blockchain is a reliable technology, but the issue lies in the blind belief that Bitcoin has value. He believes that cryptocurrencies backed by tangible reserves like gold are the ones with value.

Regrets of Not Buying Bitcoin

Despite the continuous criticism of Bitcoin, Peter Schiff admitted regret for not buying Bitcoin when he first heard about it in 2011. When asked by the host if there was anything he wished he had known when he was younger, he stated:

There are certainly many things I could say, obviously I should have bought Bitcoin when I first heard about it. I had a lot of money then, and of course, I have even more now, but I could have bought $100,000 worth of Bitcoin back then, and instead, I took the money and made some bad investments. I could have been a Bitcoin billionaire, and that's something I wish I could go back and do.

However, Peter Schiff emphasized he wouldn't make another mistake, which is buying Bitcoin, as he believes Bitcoin is no longer an early investment, and he can't be a savior for early investors looking to exit.

Furthermore, he mentioned the potential for Bitcoin to rise, stating that if Bitcoin could reach $65,000, there's a 50/50 chance it could reach $1 million. But anything is possible, and he can't be certain himself.

Peter Schiff concluded:

I genuinely hope Bitcoin can bring some correct concepts to the public, such as people who hold Bitcoin knowing what fiat currency is all about, no longer embracing central banks, and wanting hard assets. Especially since most of the young people who end up losing everything due to Bitcoin still have time to recover and invest in real hard assets. As for the older generation, I'm sorry.