Peter Schiff Admits Not Buying Bitcoin Was A Mistake

Peter Schiff became a bigger name by his bashing of Bitcoin. The noted gold bug is one of Bitcoin's biggest critics.

That is why it took many people off guard last year when he said he should have bought Bitcoin when he first heard about it.

This is a stance he recently reaffirmed.

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No, Schiff is not suddenly becoming a Bitcoin convert. In fact, he is still as resolute as ever in his bashing of the world's largest cryptocurrency.

The point he was making that he could have made a lot of money if be bought Bitcoin when he first hear about it. This would have enabled him to sell into the news and make a lot of money.

Schiff's stance is Bitcoin is ultimately worthless and it will end up reflecting that in the price.

He is a true hard asset advocate although much of his gold stance could come from the fact the he makes a commission selling gold on his websites. He is not exactly a neutral participant in this.

Of course, with recent events over the past 8 months, starting with the repo crisis, gold is on a heck of a run. It is hanging around $1,700, a level not seen in a number of years.

Schiff is open about his stance that he believes gold will hit $5,000. It should be noted he stated this in 2011, so he is still a long way from realizing that reality.

Even admitting his past mistake, Schiff feels that buying Bitcoin at this time would be an awful move. He sees a lot of frontloading with Paul Tudor Jones admitting that he is putting a portion of his network into Bitcoin.

There is a great deal of uncertainty surrounding Bitcoin at the moment. Today, there is a halving that is taking place, the first time in 4 years. This will reduce the payout of tokens on each block mined.

Speculation is all over the board as to what will happen to cryptocurrency pricing as a result. In the near term, it could drop if it mirrors what happened with other chains immediately after they halved.