Bitcoin (BTC) Critic Peter Schiff Regrets Not Investing in the Asset Back in 2010

Peter Schiff remains one of Bitcoin's BTC/USD fiercest critics, routinely receiving many brickbats from passionate supporters of the asset.

Renowned economist and gold enthusiast Peter Schiff has remained one of Bitcoin's BTC/USD fiercest critics over the years, routinely receiving many brickbats from passionate supporters of the cryptocurrency. However, what if Schiff had actually invested $10,000 in Bitcoin back when he first began criticizing it?

As a refresher, Schiff appeared in his first-ever radio interview with Donald Norman, a vocal proponent of Bitcoin, back in 2011. After listening to Norman's explanation about Bitcoin's fundamentals, Schiff argued that the cryptocurrency lacked any fundamental intrinsic value.

"If I'm going to put my wealth, if I'm going to take $10,000 and store them in Bitcoin, how do I know that a year or two from now anybody is going to accept them," he said.

At the time Schiff made these remarks, Bitcoin was valued at $17. So, if he had followed this course and invested $10,000, he would have received a total of 588 Bitcoins.

At the time of writing, one Bitcoin is valued at $64,567.54. This means his stash of 588 Bitcoins will be worth a total of $38 million today.

With an astounding 3798x jump since Schiff's remarks, Bitcoin has outperformed all major traditional investments like stocks, bonds, and even gold.

Schiff's Stance Unchanged儘管如此, Schiff's stance on Bitcoin has remained largely unchanged, as the economist continues to cast aspersions on the cryptocurrency's utility. Last month, he poked fun at Bitcoin supporters by saying that if all publicly traded U.S. companies invested their proceeds in Bitcoin, the value of each Bitcoin would shoot up to millions.

"Yes we will all be rich just so long as nobody tries to buy something with their riches," Schiff remarked in a mocking tone.

Interestingly, in one of the interviews in March, he wished he had bought the world’s largest digital asset back in 2010, given its profit potential.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-critic-peter-schiff-regrets-investing-asset.html

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