CandleFocus Peter Schiff : ‘Clearly I wish I bought Bitcoin’
2024-11-21
Author: Content Editor
Peter Schiff, a well-known critic of Bitcoin, has expressed regret for not buying the cryptocurrency when he first heard about it in 2010. Despite his regret, Schiff remains a strong critic of Bitcoin and believes that gold is superior to the digital asset. He argues that Bitcoin has no intrinsic value and its price is highly speculative. Schiff has also highlighted the rise of spot Bitcoin ETFs as undermining Bitcoin's original selling point of self-custody and lack of third parties. He believes that the demand for Bitcoin currently comes mostly from investment funds and warns of the potential for a collapse if selling pressure outweighs buying pressure. In terms of investment preference, Schiff favors gold over Bitcoin and even rare collectible cards. He also suggests that companies like Microstrategy that heavily invest in Bitcoin may face bankruptcy if the cryptocurrency crashes and ETF investors withdraw their investments.
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