Peter Schiff Admits That He Regrets Not Buying Bitcoin

Peter Schiff Admits That He Regrets Not Buying Bitcoin

Famous long time Bitcoin BTC/USD critic and gold proponent Peter Schiff admitted that he regrets not buying the world's first cryptocurrency.

What Happened: During a podcast episode published on Thursday, Schiff said that if he could "go back in time," one of the things that he would do differently would be buying Bitcoin. On the other hand, he said that if he, in fact, did buy Bitcoin, then he would have had no way to know when he would have decided to sell it.

Why It Matters: Despite regretting not buying into Bitcoin, Schiff stays true to his idea that Bitcoin has no future and that buying it because he regrets not buying it earlier would be a mistake.

He explained that what he is not going to do is buy Bitcoin now, feeling like it is a "ground floor for an opportunity," because "this is when the people who got in at the ground floor are getting out."

The gold proponent said that he is "not gonna be somebody's exit strategy" and "if you're gonna cash out, it's not with my money."

Read next: Ethereum Will Continue To Beat Bitcoin In 2021, Says deVere Group CEO

What Else: He also shared some advice for Bitcoin holders: "If you're in Bitcoin, the advice that I keep giving people [is] take your money out."

Previously, Schiff said that he would buy Bitcoin if its price went under $1 but on one particular occasion spoke less harshly of a digital currency. In late April, he suggested that Dogecoin DOGE/USD is "eating Bitcoin" and that BTC has lost 97% of its value versus DOGE, concluding that "the market has spoken" in deciding the superior option.

Price Action: Bitcoin was trading at $48,665, gaining 6.74% over the last 24 hours, while Dogecoin grew by 7.84% and stood at $0.3264.

Posted In: BitcoincryptocurrenciesEthereumGoldPeter SchiffCryptocurrencyCommoditiesMarkets

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