Peter Schiff Admits Not Buying Bitcoin (BTC) Earlier Was Mistake

News
Mon, 05/11/2020 - 12:46
Yuri Molchan
The vocal Bitcoin hater Peter Schiff recalls admitting that not buying Bitcoin much earlier was unwise of him – here’s why
Cover image via www.facebook.com
Contents

Well-renowned Bitcoin opponent and vocal gold advocate Peter Schiff somewhat surprised the community last year by saying that he wished he had bought Bitcoin earlier. Now he has repeated this confession. 

Peter Schiff regrets not buying BTC when he’d only just heard of it

Unlike other Bitcoin haters, Peter Schiff seems to admit that Bitcoin could be treated as a highly volatile speculative asset.

The reason for that is that he has publicly admitted on Twitter that not buying BTC when he had just heard about it for the first time was a mistake, he wrote, because then he could have sold his BTC into the hype and made large profits.

Still, he stands by his critics regarding Bitcoin’s ultimate value and says he would not buy BTC now.

“I already admitted it was a mistake not to buy Bitcoin when I first learned about it, as I could have made a lot of money selling into the hype. But my original assessment of its ultimate value is still correct. So it would be an even bigger mistake to buy Bitcoin now.”

Peter Schiff loses his BTC private key

It seems questionable, though, whether Peter Schiff would have made a lot of money on BTC even if he had bought it a long time ago since it would have required holding BTC in a cold wallet for better security.

After the well-known case of Schiff losing his private key to his wallet, which contained a small amount of BTC ($50 worth), some in the community became doubtful whether Peter Schiff could handle the simple technical sides of holding Bitcoin. The incident happened early this year.

As for some people on Twitter saying that Schiff's comments are enough to make Bitcoin pump, Peter Schiff stated that, indeed, he tweets a lot on BTC but his comments have simply coincided with brief BTC dumps in the past.

Related
Bull Bitcoin CEO Calls on Elon Musk to Choose BTC for Inter-Planetary Future

Paul Tudor talks Bitcoin on CNBC, Schiff expects another hard dump

Billionaire Paul Tudor, who recently ‘converted’ to Bitcoin and bought it as a hedge against the current economic crisis, has appeared on CNBC for an interview.

Peter Schiff has taken to Twitter to comment on this. He says that Bitcoin enthusiasts are front-running this interview because they expect it to push the BTC price way up.

However, the gold bug states that it is also likely to cause a hard Bitcoin dump should Tudor say something that does not match the expectations of the community.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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