Schiff asserts that had he bought Bitcoin, he would have opted to remain silent about it, as he never had faith in its foundational principles. He now regrets not purchasing Bitcoin back in 2010 when it was initially introduced to him by a colleague, admitting that he missed out on an early opportunity.

In a recent interview on Impact Theory with Raoul Pal, Schiff hinted at his regret, pondering what his net worth might have been if he had invested in Bitcoin. Despite this, he remains uncertain about his hypothetical actions, stating that he might have refrained from selling but can't be certain.

While Schiff had previously derided Bitcoin as a "pure ponzi" without intrinsic value, he now discloses that he did contemplate investing in it when it was priced at around $1 in 2010. However, he ultimately dismissed the idea as "ridiculous."

Nonetheless, Schiff emphasizes that even if he had purchased Bitcoin, he would have kept his investment discreet, viewing it merely as a bet on others' willingness to pay inflated prices. He maintains his skepticism towards Bitcoin's fundamentals, asserting that investing in it would have been akin to capitalizing on others' irrationality rather than demonstrating financial acumen.

Schiff has persistently warned against Bitcoin investment, often portraying it as a foolish endeavor. However, he reluctantly acknowledges that Bitcoin has defied his predictions of collapse.

Despite Bitcoin's ascent as a digital alternative to gold, Schiff remains steadfast in his advocacy for gold, even as Bitcoin's spot exchange-traded funds (ETFs) erode some of gold's market dominance. Nevertheless, he anticipates challenges for investors looking to liquidate their Bitcoin holdings during significant market downturns.


Largest assets by market cap. Source: Companies Market Cap

While gold has experienced a notable increase in value since 2010, it has been overshadowed by the performance of various index funds, such as State Street's Standard & Poor's 500 ETF (SPY). Bitcoin, currently ranked as the eighth largest asset by value, has made significant strides, trailing behind only gold, certain U.S. tech stocks, and Saudi Aramco, according to Companies Market Cap.