Altcoin News: Crypto Skeptic Peter Schiff Regrets Not Buying Bitcoins for $10

August 1, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Peter Schiff, a well-known supporter of investment in gold and an implacable opponent of cryptocurrency, admitted that he reproaches himself for not buying Bitcoin when it cost about $10.

In a conversation with Morgan Creek Digital co-founder Anthony Pompliano on CNBC, Schiff said:

“I’m already kicking myself, I had that opportunity, I could already be a billionaire if I had only bought it back then… I should have bought it when I first heard about it.”

At the same time, Schiff does not consider it expedient to buy cryptocurrency now:

“[Just] because I made the mistake of not buying it back then doesn’t mean I’m going to compound the mistake by getting greedy and buying it now. The trade is done.”

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

In response to this, Pompliano said that Bitcoin and gold may be in the same investment portfolio:

“I’m not here to argue against gold necessarily, I think gold has a place in people’s portfolio, but I do think it’s a little bit short-sighted to say gold but not Bitcoin.”

Schiff continued to insist that Bitcoin was not destined to return to the peaks of the end of 2017:

“From my perspective, I don’t think the hype or excitement today is as great as a year, year and a half ago… The price is declining. I think the market peaked at that $20,000 level in December 2017. I think interest kind of peaked as well. And I think once the market really dropped, people now had a more balanced view, because before that it had only gone up… Now people have lost money. I would say more people who own bitcoin are losing money than making money.”

In early July, Schiff received donations in Bitcoins from community members who wanted to help him get acquainted with the cryptocurrency.

Author: Marko Vidrih