In October of 2017, Peter Schiff, a well-known economist and goldbug, announced that he had finally bought his first Bitcoin. This was a big deal because Schiff is one of Bitcoin’s most vocal critics.
He’s often called it a “bubble” and predicted that it would crash. So why did he change his mind?.
It’s simple: Schiff sees Bitcoin as a way to make money. And he’s not alone.
More and more people are buying Bitcoin not because they believe in the technology or the ideology, but because they think it will make them rich.
This is a dangerous mindset, because it means that people are investing in Bitcoin without really understanding it. They’re gambling, not investing.
And when the price of Bitcoin inevitably goes down (as all prices do eventually), they could lose a lot of money.
So does Peter Schiff own Bitcoin? Yes, he does. And he’s probably regretting it already.