Well-known skeptic of the first cryptocurrency, Peter Schiff, made an unexpected admission: he could have made a good profit on Bitcoin (BTC). However, despite this, the investor expresses no regret. Moreover, he claims that long-term holders of the coin who adhere to the HODL strategy have lost much more.
Skeptic's Admission: Missed Profit Doesn't Count
In his recent comments, published in response to a discussion about artificial intelligence (AI) and the leading cryptocurrency, Schiff stated that over the past five years, it was more profitable for him not to own Bitcoin. According to him, those who bought and held BTC, ignoring market fluctuations, ultimately ended up at a loss without ever locking in profits.
"Yes, I could have made a lot of money on BTC. But that's no longer relevant. Over the past five years, it was more profitable for me not to own Bitcoin. Cryptocurrency holders lost a lot of money because they didn't sell their coins," stated Peter Schiff.
Skepticism as a Strategy: Gold vs. Digital Gold
Schiff's skepticism toward Bitcoin is not new. He has repeatedly called BTC's price rises a reason to sell, rather than a signal to invest. During downturns, he traditionally promotes gold as a more reliable store of value. Notably, last week he advised selling the cryptocurrency as it approached the $65,000 mark, after which the asset's price reached $79,500. This recommendation once again underscores his consistent stance: locking in profits is more important than long-term holding in conditions of high volatility.
AI as a New Threat to Bitcoin
In the original post, Schiff also pointed out that artificial intelligence is taking speculative money, electricity, and data center capacity away from Bitcoin. In his view, over time, the technology will find weaknesses in the code and cryptography of the first cryptocurrency that developers missed. The crypto market is already feeling the impact of the new technology: AI-driven inflation has kept Bitcoin in a narrow price range over the past few months.
No one has yet proven a real threat to network security. The dispute only fuels the long-standing rivalry in the industry.
My view: Schiff's statements are a classic example of defending his own investment reputation. His argument that HODLers "lost money" by not selling at the peak ignores the core principle of long-term investing in assets with growth potential. Nevertheless, his thesis about competition between AI and cryptocurrency for resources and investor attention deserves consideration — this is a real factor that will determine market dynamics in the coming years.