Benzinga – Peter Schiff remains one of Bitcoin’s (CRYPTO: BTC) fiercest critics, routinely receiving many brickbats from passionate supporters of the asset. Interestingly, the King Crypto has grown by leaps and bounds since Schiff’s first public rebuke of the currency 13 years ago.
What Happened: Schiff appeared in his first-ever radio interview with Donald Norman, a vocal proponent of Bitcoin in 2011.
After listening to Norman’s explanation about Bitcoin’s fundamentals, Schiff said that the asset lacks any fundamental intrinsic value.
“If I’m going to put my wealth, if I’m going to take $10,000 and store them in Bitcoin, how do I know that a year or two from now anybody is going to accept them,” he argued.
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When Schiff made these remarks, Bitcoin was valued at $17. So, if he had genuinely followed this course and invested $10,000, he would have received a total of 588 Bitcoins.
At the time of writing, one Bitcoin is worth $64,567.54. This means his stash of 588 Bitcoins will be worth a whopping $38 million today.
With an astounding 3798x jump since Schiff’s remarks, Bitcoin has outperformed all major traditional investments like stocks, bonds, and even gold.
Why It Matters: Schiff’s stance has remained the same, as the economist continues to cast aspersions on the asset’s utility.
Last month, he poked fun at Bitcoin supporters by saying that if all publicly traded U.S. companies invested their proceeds in Bitcoin, the value of each Bitcoin would shoot up to millions.
“Yes we will all be rich just so long as nobody tries to buy something with their riches,” Schiff said in a mocking tone.
Interestingly, in one of the interviews in March, he wished he bought the world’s largest digital asset back in 2010, given its profit potential.
Photo Courtesy: Wikimedia Commons
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