Prominent gold advocate and crypto critic, Peter Schiff, has admitted that if he had known how big Bitcoin would become, he would have invested in it during its early days when it was priced at $1. However, Schiff still believes that Bitcoin is a bubble and when it bursts, it will have negative consequences not only for individual speculators but also for those who have invested in crypto infrastructure and companies. He also pointed out that the recent surge in Bitcoin has affected traditional assets such as gold and silver, with silver holding its ground despite a significant drop in gold prices. Schiff suggests that the dynamics of cryptocurrency may just be a "pump and dump" scheme, and the balance could shift in favor of precious metals in the future.



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