Stockbroker Peter Schiff wishes he had bought Bitcoin in 2010

14 Mar 2024

American stockbroker Peter Schiff has stated he wished he had bought Bitcoin back in 2010, despite continually calling the crypto a “bubble.”

A renowned Bitcoin critic, Schiff, recently said that although he had looked at the world’s largest crypto in 2010, when it was only valued at around a few dollars, he hadn’t seen the investment value.

During an interview with CoinDesk in 2014, the prominent stockbroker and gold investor forecast Bitcoin’s decline, and had previously likened it to “tulip mania 2.0” during a CNBC interview in 2013.

Although his opinion hasn’t changed since, he now claims he would have invested back then taking into account the profit potential.

“Do I wish I had made the decision to have thrown $10,000, $50,000, $100,000 into it?” Schiff stated on Wednesday during a discussion with crypto investor, Raoul Pal on an Impact Theory Podcast. “Sure. 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.”

Over the last year Bitcoin has soared more than 200% due to several factors including spot exchange-traded funds (ETFs) in the United States and growth in underlying technology, CoinDesk reports.

Whereas data shows gold has risen 13% over the past year, with an estimated $14 trillion market capitalisation.

“I would have bought it just betting on other people being dumb enough to buy it and pay a higher price,” Schiff went on to say, comparing a successful investment in Bitcoin to a gamble as opposed to a “genius” move.

At the time of writing, Bitcoin is trading at $73,027.

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