Crypto-skeptic Peter Schiff is regretting not buying Bitcoin at 10$ price

in btcnews •  2 months ago 

Peter Schiff, a well-known supporter of investments in gold and an irreconcilable opponent of the cryptocurrency, confessed that he believes that he is regretting of not buying Bitcoin when it cost about $10.

In a conversation with co-founder of Morgan Creek Digital Anthony Pompliano on CNBC, Schiff said: "I do bite my elbows because I had the opportunity, I could have been a billionaire if I had only bought it then. I had to buy it when I first heard of it.

At the same time, Schiff doesn't think it's appropriate to buy cryptocurrency now: "Just because I made a mistake and didn't buy it then, I won't make things worse, get greedy and buy it now. This deal is in the past.

He also turned to his favorite thesis that Bitcoin has no intrinsic value, is too volatile to function as a means of payment, has signs of a financial bubble and cult.

In response, Pompliano said that Bitcoin and gold may be in the same investment portfolio: "I am not here to speak out against gold. I think there is room for gold in the portfolios, but I also think it's a bit short-sighted to be in favor of gold, with the total elimination of Bitcoin.

Schiff continued to insist that Bitcoin is not destined to return to the peaks of the end of 2017: "I don't think the excitement or admiration today is as great as it was a year or a year and a half ago. The price is falling. I believe the market peaked at $20,000 in December 2017. At the same time, there was a peak in the level of interest. When the market fell, people began to evaluate it more objectively, and before that it was only growing. People lost money. I suppose that among the people who hold Bitcoin, there are more people who lose money than they earn.

In early July, Schiff received Bitcoin donations from community members who wanted to help him get to know the cryptocurrency better.

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