Gold advocate Peter Schiff acknowledges Bitcoin’s price could avoid collapse despite calling it a burst bubble.
Gold advocate and long-time Bitcoin critic Peter Schiff admitted Bitcoin’s price may not fall to zero, reversing his prior stance. The comments came during a debate with investor Anthony Pompliano, where Schiff argued Bitcoin’s rally primarily benefited early adopters while newer investors saw minimal gains.
Schiff claimed Bitcoin has traded sideways for five years, dismissing it as “digital nothing” and a pyramid scheme. He noted most current holders missed early gains, contrasting with Bitcoin’s 16-year history. Pompliano countered by highlighting Bitcoin’s long-term outperformance among major assets.
The debate follows Schiff’s renewed criticism of MicroStrategy and its CEO Michael Saylor, who has accumulated significant BTC holdings. Schiff previously predicted Bitcoin’s collapse but now appears to soften his position on its total failure.