Peter Schiff, a vocal critic of the first cryptocurrency, has publicly acknowledged the error in his previous statements disparaging Bitcoin. The entrepreneur expressed regret over his decision not to purchase the asset. In November 2023, Schiff had labeled Bitcoin a "pure pyramid scheme" and a fraud. This notable critic, who is also the president of Euro Pacific Capital, admitted that his refusal to buy the digital asset was a mistake. Despite his ongoing skepticism about Bitcoin's fundamental value, Schiff conceded the cryptocurrency's progress.

Schiff believes it would have been prudent to buy Bitcoin in 2010 when a colleague first introduced him to the asset. However, he found the idea of investing in Bitcoin "laughable" at the time and thus did not pursue it, as he shared.

For many years, Schiff has been a critic of the asset. In November 2023, he described Bitcoin as a "pure pyramid scheme," calling its investors "greedy and foolish." That same month, he predicted a collapse in the asset's value ahead of the launch of Bitcoin spot ETFs. He was convinced that the price would plummet due to the community's unmet expectations.

However, in a recent interview, Schiff acknowledged Bitcoin's resilience and its potential for growth. "Do I regret not deciding to invest $10,000, $50,000, or $100,000 in it? Of course. Perhaps I would have been worth hundreds of millions, assuming I had not sold the asset," the Euro Pacific Capital president remarked.

Schiff noted that in such a scenario, he might have considered himself more of a genius than an investor, given that Bitcoin did not collapse as he had previously assumed. Yet, he pointed out that this would have made him a "prisoner of delusion." In his view, many Bitcoin investors fail to adequately perceive the risks associated with the asset.

It's worth mentioning that in January 2024, Peter Schiff allowed for the possibility of Bitcoin rising to $10 million. He suggested that such a scenario could occur in the event of a collapse of the U.S. dollar, similar to what happened with the German mark in the early 20th century.

Recall, it was reported that Bitcoin reached a new all-time high of $73,650.