Table of Contents
Toggle
Regret of Gold Bulls for Not Buying Bitcoin?
Bitcoin Erodes the Gold Market
Renowned gold advocate Peter Schiff admitted in an interview with Raoul Pal, co-founder and CEO of Real Vision, on “Impact Theory” on March 13th that his colleague introduced Bitcoin to him in 2010 when its price was around $1. However, he missed the early opportunity to invest in Bitcoin and ultimately decided against it because he still believed it was a ridiculous investment at that time.
When asked if he regrets this decision, Peter Schiff confessed:
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 believed and still does not believe that Bitcoin has any fundamentals.
Furthermore, Peter Schiff added that if he had succeeded in Bitcoin investments back then, it would have led him to fall into the illusion of being a “genius” rather than a “gambler,” thereby immersing himself in the same “fantasy” as other greedy and foolish Bitcoin investors.
Although gold has been rising steadily in the past few months, Bitcoin has been eroding the market share of gold since the approval of the Bitcoin spot ETF in January. According to statistics, the assets under management of the US Bitcoin spot ETF reached $58 billion in about two months, accounting for approximately 58% of the assets under management of the US gold ETF. If this pace continues, the assets under management of the Bitcoin ETF may soon surpass that of the gold ETF.
Peter Schiff admitted that gold may be losing some market share to the Bitcoin spot ETF. However, he believes that investors may have difficulty cashing out these funds when Bitcoin experiences significant declines.
