Peter Schiff, President of Euro Pacific Capital and a critic of the first cryptocurrency, admitted he would not have minded buying Bitcoin in 2010. He made this statement on the Impact Theory podcast with former Goldman Sachs executive Raoul Pal.
Host Tom Bilyeu asked Schiff if he would buy digital gold if he could go back a few years.
“Of course, I’m not an idiot. Moreover, I remember the moment when my colleague showed me Bitcoin when its price was about $1 and advised me to invest. This was around 2010. I found it amusing but did not appreciate the scale of the bubble. […] But I wouldn’t have talked about it or urged others to follow my example,” the businessman replied.
According to him, he would have simply “bet on the fact that other people are foolish enough” to buy Bitcoin at a higher price. In response, Pal told Schiff that he had already missed his opportunity.
The head of Euro Pacific Capital also described investing in digital assets as “gambling, not a brilliant decision.”
Just in case you didn’t see me politely hang, draw and quarter Peter Schiff, enjoy https://t.co/vr1efNJw3p
— Raoul Pal (@RaoulGMI) March 14, 2024
“In case you didn’t see me politely hang, draw, and quarter Peter Schiff, enjoy,” Pal shared a segment of the conversation.
Schiff is a consistent critic of the first cryptocurrency. He has repeatedly predicted its fall to zero, calling it a “cheap imitation” of gold in November 2023.
In 2014, the Euro Pacific Capital president predicted the collapse of the first cryptocurrency in an interview with CoinDesk, and in 2013 compared it to “tulip mania 2.0”.
Back in January, Schiff suggested Bitcoin could rise to $10 million, but only if the US dollar followed the path of the “German papiermark.”
Earlier, he compared Bitcoin enthusiasts to a religious sect.