Peter Schiff has never hidden his distaste for Bitcoin, but his latest comment on X has added a new twist to his long-running feud with the cryptocurrency. The economist, known globally as one of BTC’s most persistent skeptics, admitted that he made a major mistake when he first encountered it more than a decade ago.
His mistake, however, was not about failing to buy early or doubting a successful technology. Instead, Schiff insisted that his real error was assuming other people would recognize why Bitcoin wouldn’t work.
Biggest Mistake Was Trusting People To Understand Bitcoin’s Flaws
In his recent tweet, Schiff stated that he initially believed most people would see Bitcoin the same way he did, as a system destined to fail because it is not backed by anything physical and therefore has no real value. He added that the people foolish enough to buy it then are the same people who will refuse to sell even as the market proves him right.
The comment reinforced the core of Schiff’s philosophy: BTC’s worth, in his view, rests entirely on speculation, not fundamentals. According to him, the cryptocurrency’s design means that it cannot function as a reliable store of wealth, medium of exchange, or unit of account.
The post immediately drew many reactions, most of them from Bitcoin supporters who are of the notion that Schiff’s bitterness comes from missing out when Bitcoin traded for less than $1.
Bitcoin believers argued that his supposed mistake wasn’t intellectual but financial. The counterclaim is that Schiff is frustrated because he ignored Bitcoin when it traded for less than a dollar. One reply from BTC advocate Carl Menger captured the mood perfectly. He wrote that Schiff’s real mistake was failing to buy when he first encountered the asset at $1, adding that Schiff is now “an old salty pal yelling at it.” Other commenters also echoed the sentiment.
A Long History Of Harsh Criticism Against BTC
Schiff’s skepticism is not new. Over the years, he has repeatedly maintained that Bitcoin is nothing more than a digital bubble. He has also insisted that BTC lacks any underlying value because it is not tied to a physical commodity, unlike gold. Despite the introduction of Bitcoin ETFs and its growing institutional presence, he maintains that wider adoption does not change what he calls its “fundamental uselessness.”
Bitcoin’s trajectory tells a very different story from the one painted by critics like Schiff. The cryptocurrency has expanded on a scale few assets in modern history can match, reaching levels of global relevance that go far beyond its early niche.
Its price may be moving through a period without clear bullish momentum, but it still ranks among the largest assets in the world. In fact, BTC now sits as the 9th biggest asset by market capitalization, ahead of companies such as Meta, Saudi Aramco, and Tesla.
Featured image from Pixabay, chart from Tradingview.com
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