“From Initial Encounter with Bitcoin at $1 to Regretting Not Buying: Peter Schiff, the Gold Bull Master”

"From Initial Encounter with Bitcoin at $1 to Regretting Not Buying: Peter Schiff, the Gold Bull Master"

"From Initial Encounter with Bitcoin at $1 to Regretting Not Buying: Peter Schiff, the Gold Bull Master"

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Regret for Missing Out on Bitcoin After Gold Bull?
Bitcoin Eroding the Gold Market
Renowned gold advocate Peter Schiff, in an interview with Raoul Pal, co-founder and CEO of Real Vision, on “Impact Theory” on March 13th, revealed that his colleague introduced him to Bitcoin for the first time in 2010 when its price was around $1. However, he missed the early entry opportunity in Bitcoin and ultimately decided not to invest in it because he still believed it was a ridiculous investment at that time.

When asked if he regrets this decision, Peter Schiff admitted:

However, this does not mean that Peter Schiff likes Bitcoin. He added that even if he had bought Bitcoin back then, he would have remained silent and not promoted it, as he never and still does not believe that Bitcoin has fundamentals.

Furthermore, Peter Schiff added that if he had actually succeeded in investing in Bitcoin at that time, it would have led him to believe that he was a “genius” rather than a “gambler,” thereby immersing himself in the same “illusion” as other greedy and foolish Bitcoin investors.

Although gold has been continuously rising in the past few months, Bitcoin has been eroding the market share of gold since the approval of Bitcoin spot ETF in January. According to statistics, the assets under management of the US Bitcoin spot ETF have reached $58 billion in about two months, accounting for 58% of the assets under management of US gold ETF. If this pace continues, the assets under management of Bitcoin ETF may soon surpass that of gold ETF.

Peter Schiff admits that gold may be losing some market share to the Bitcoin spot ETF. However, he believes that investors may have difficulty redeeming these funds when Bitcoin experiences significant declines.