Economist Peter Schiff said Monday that he regrets not buying Bitcoin when he first learned about the cryptocurrency [1].
Schiff is a prominent critic of digital assets and a proponent of gold. His admission of regret offers a rare moment of concession from a long-term skeptic, though he maintains his bearish outlook on the asset's fundamental value.
Writing on X, the CEO of Euro Pacific Capital said that despite his past missed opportunity, he has no intention of entering the market today [2]. He said there is not a chance he will buy the asset now, regardless of potential price corrections [1].
To illustrate his conviction, Schiff said he would not purchase Bitcoin even if the price fell to $20,000 [2]. This stance reinforces his belief that the cryptocurrency lacks intrinsic value and remains a speculative bubble.
Schiff has spent years arguing that gold is the only reliable hedge against inflation and currency devaluation. While many investors have shifted toward Bitcoin as "digital gold," Schiff continues to advocate for physical precious metals over algorithmic tokens [1].
His comments on Monday highlight the tension between acknowledging the historical price growth of Bitcoin and maintaining a theoretical opposition to its utility. By setting a hypothetical price floor of $20,000 [2], Schiff said his opposition is based on a lack of faith in the asset's nature rather than a simple disagreement over its current valuation.
“there is not a chance he will buy the asset now”
Schiff's comments underscore a broader ideological divide in global finance between traditional hard-asset investors and cryptocurrency adopters. By admitting a personal regret while refusing to buy in at a significantly lower price, he emphasizes that his bear case is not based on a specific price target, but on the belief that Bitcoin possesses no underlying value.
