BTC is about to break 100,000! Peter Schiff: I regret not entering earlier, but I will continue to criticize

Critics' Reflection: Missed the Golden Age of Bitcoin

Economist and gold supporter Peter Schiff has long been known for his strong criticism of BTC and the entire Cryptocurrency industry. He has repeatedly stated that BTC has no Intrinsic Value and its price is highly speculative. However, with the price of BTC about to break the $100,000 mark, looking back at Schiff's comments in several interviews, it is not difficult to see that he has actually expressed regret for not investing in BTC.

As early as an interview 11 years ago, Peter Thiel openly criticized BTC, believing that it is not a store of value and has no intrinsic value. At that time, the price of BTC was only $300, and it has now soared by more than 20,000%, reaching an astonishing height. However, when asked in an interview with Impact Theory in March of this year if he would buy BTC if he could go back ten years, Thiel admitted that he would do so.

He said he regrets not investing in Bitcoin, but explained that if he had bought it at that time, it was because he believed that others would "stupidly" buy it, not because he believed in the value of BTC himself. He also emphasized that even if he had bought BTC at that time, he would still have a critical attitude towards it now.

The showdown between gold and BTC: Schiff has always insisted on gold supremacy

Two months ago, in the Bankless podcast, Peter Schiff has been emphasizing the superiority of gold over BTC. He pointed out that BTC is losing its original purpose due to the rise of SpotBTC ETF. The economist emphasizes that the selling point of BTC is self-custody and no intermediary institutions, but currently all demand comes from investment funds. He refers to BTC as 'nothingness', compared to the tangible commodity of gold, which has practical uses.

Schiff also emphasized that the disadvantage of BTC is that it can collapse at any time as long as selling pressure exceeds buying pressure. In PBD's Podcast, when asked how to choose between $1 million of gold, $1 million of BTC, and $1 million of rare baseball cards, Schiff first chose gold, and even ranked the baseball cards ahead of BTC. He added that BTC has no Intrinsic Value.

The regret of missing opportunities and the outlook for the future

In another interview with Natalie Brunell, when asked what he wished he knew when he was young, Schiff's first reaction was regretting missing the opportunity to buy BTC at a price of about $1. He admitted that he missed the golden period of investing in BTC, especially now that the price of BTC is about to break $100,000, this regret is even deeper.

However, despite regretting not investing in BTC earlier, Schiff still insists on his critical stance towards BTC. He believes that companies like MicroStrategy may face the risk of bankruptcy when BTC ultimately collapses. He explained that ETF investors are chasing the speculation of BTC, and once the hype subsides, they will withdraw capital from BTC ETFs, leading to a massive market collapse.

Image source: CryptoPolitan Peter Schiff believes that once the hype subsides, investors will withdraw from BTC ETF, leading to a massive market collapse.

Investor's Choice: Gold, BTC, or Other Assets?

Peter Schiff's perspective provides investors with a different view. His experience and regrets remind people that investment decisions need careful consideration. His insistence on gold reflects his trust in tangible assets, believing that they have practical use and Intrinsic Value. His skepticism towards Bitcoin reminds investors to be cautious of market volatility and speculative risks.

With the soaring price of BTC, many early skeptics have begun to re-examine their positions. However, critics like Peter Schiff still firmly believe that BTC carries inherent risks. For investors, the choice between believing in the potential of BTC or sticking to traditional investment targets such as gold may become a hot topic in the near future.

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions in this article are suitable for their specific situation. Investing based on this is at your own risk.

"BTC is about to break 100,000! Peter Schiff: I regret not getting in early, but I will continue to criticize." This article was first published in 'encryption city'