Peter Schiff Says Bitcoin U-Turn Claims Are Lies

Peter Schiff, a well-known gold investor and vocal critic of Bitcoin, addressed claims made by cryptocurrency publications suggesting he had changed his stance on Bitcoin. 

Schiff clarified that his admittance of regret for not purchasing Bitcoin in 2010 does not mark any sort of U-turn on crypto. 

He stated, "Bitcoin related publications are falsely claiming that I've changed my position on Bitcoin because I admitted I wished I had bought some back in 2010. I think everyone wished they bought Bitcoin in 2010." 

Schiff further stressed that his hypothetical wish to have invested in Bitcoin early on does not alter his overall critical view of the cryptocurrency.

Skepticism toward Bitcoin ETFs

Schiff also commented on the performance of cryptocurrency ETFs, specifically pointing out the Valkyrie Bitcoin Miners ETF, which has seen a 35% decline since its December 2023 peak. 

He questioned the optimistic outlook for Bitcoin when companies involved in mining the cryptocurrency are facing significant challenges. 

Schiff argued, "If the future is so bright for #Bitcoin, why is the future looking so dim for companies that mine it?" 

Moreover, he suggested that true Bitcoin enthusiasts, who avoid third-party custodianship of their keys, demonstrate the fragility of the ETF market. He has predicted a dire outcome for latecomers in the next crypto winter.

Dismissing the halving hype

As reported by U.Today, Schiff also recently addressed the much-anticipated Bitcoin halving event, dismissing the enthusiasm surrounding its potential impact on Bitcoin's value. 

He noted that the halving, which reduces the reward for mining transactions by 50%, merely adjusts the growth rate of the new Bitcoin supply rather than the existing supply.

Schiff's comments show skepticism toward the halving's ability to significantly influence Bitcoin's price, especially with over ninety percent of the total supply already in circulation. 

This stance provides a counterpoint to the widespread speculation about the event's bullish effects on the cryptocurrency's market value.