Peter Schiff Regrets Not Investing in Bitcoin Despite Criticism

According to CoinDesk, Peter Schiff, a prominent stockbroker and gold investor, has expressed regret for not investing in bitcoin when it was trading at a few dollars in 2010. Despite his long-standing criticism of the cryptocurrency and comparing it to 'tulip mania 2.0,' Schiff said he would have invested solely for the potential profit, likening it to a gamble rather than a 'genius' move. Schiff had predicted bitcoin’s decline in a 2014 interview with CoinDesk and likened it to 'tulip mania 2.0' in a 2013 CNBC interview. He hasn't changed his stance since, but wouldn’t have shied away from investing given the potential for profit. Bitcoin has surged over 200% in the past year on multiple catalysts, such as growth in underlying technology and demand from spot exchange-traded funds (ETFs) offered in the U.S. Gold has risen 13% over the past year, data shows, with an estimated market capitalization of $14 trillion. 'I would have bought it just betting on other people being dumb enough to buy it and pay a higher price,' Schiff said, likening a successful bitcoin investment to a gamble rather than a 'genius' move.