Peter Schiff admits that he wants to buy Bitcoin

Diehard Gold Bug and prominent crypto critic Peter Schiff finally admits he regrets not buying Bitcoin (BTC).

“Of course – I'm not stupid,” Schiff said in an interview published Tuesday when asked if he would buy the digital currency sooner if he could go back in time.

Peter Schiff regrets the fading of Bitcoin

The commentator He said he would consider investing up to $50,000 into Bitcoin in 2010, when the asset was trading at less than a dollar. In the end, he refused to buy the idea, calling it “ridiculous.”

“Yeah, I wish I could buy it, obviously,” Schiff said in an interview with Tom Bilyeuw and Raoul Pal.

“But if I had bought it, I wouldn't have told other people to buy it,” he continued. “I had to keep quiet because I never believed.”

Schiff has called Bitcoin “fool's gold” for years, repeatedly arguing that the asset doesn't compete with precious metals as a store of value or a hedge against inflation. His theory remains the same: Bitcoin has no fundamental use case, making its value entirely speculative, thus risking its value falling to zero.

“I don't see that kind of bubble potential,” he said. “Yeah, I thought it might come up, but I didn't want to deal with it.

ETF buyers are just gamblers.

Since the beginning of the year, Bitcoin prices have soared to new all-time highs following the launch of several US Bitcoin spot ETFs, widely agreed to be the most successful ETF launches in history.

Schiff believes investors in such ETFs — which have taken in more than $11.8 billion since their inception — are just gambling. “EFAs offer another way to gamble on Bitcoin,” he asserted.

Raoul Pal, CEO of Real Vision and a prominent crypto bull, asked Schiff if his opinion on crypto would change if he invested earlier, raised money and became more involved with the community. “It's possible,” admitted Schiff.

“It's easy for me to see the bubble without being in it,” he said. “So maybe if I'm in a bubble with you guys, maybe if I'm a crypto billionaire, that might skew my perspective.”