Still being stubborn? Peter Schiff still calls BTC a bubble: I should have bought it earlier knowing it would blow up this big

BTC is gradually becoming a mainstream asset

After the United States passed the BTCSpot ETF earlier this year, BTC ($BTC) has truly become a mainstream asset. After Trump's victory in November, it is expected to promote BTC as a national reserve asset. Looking back at the development in recent years, BTC has been adopted by many countries, including El Salvador, and major institutions are also rushing to enter the market. BTC's development is unstoppable.

However, well-known Bitcoin bear and gold bull Peter Schiff, who has always been pessimistic about BTC, seems to think otherwise. In the past few days, BTC has repeatedly reached new highs, and even approached the $90,000 mark, but he still once again criticized BTC.

Peter Schiff directly criticized BTC and blockchain in his latest tweet, calling it possibly the 'biggest public delusion in human history'. He believes that BTC and other digital assets are not only a trap for speculators, but also cause losses for investors who provide funding for the entire encryption industry.

Image source: X Peter Schiff's tweet

Should I have bought it earlier?

Interestingly, despite the criticism of BTC in the tweet, Peter Schiff left an unexpected response when someone sarcastically commented in the comment section, "You've been saying the same thing since BTC was $1."

Image source: X Peter Schiff's tweet

Peter Schiff said, "When the price of BTC was still 1 US dollar, I didn't expect this bubble to inflate so much. If I had realized it at the time, I might have considered buying BTC."

This passage immediately sparked heated discussions among netizens, because Bitcoin briefly returned to the $1 level in 2011, and in less than 10 years, its value soared to nearly $90,000.

This response reveals a subtle contradiction: on the one hand, Schiff repeatedly emphasizes the "bubble" nature of BTC, on the other hand, his response seems to imply that he missed a rare investment opportunity.

Is BTC the biggest misallocation of resources in financial history?

However, despite expressing regret for not buying BTC for the first time, Peter Schiff still insists on calling it a 'bubble'.

He explained that part of the funds did flow into BTC and its related stocks. The market's demand for digital assets seems strong, but this is only the result of market speculation and does not mean that BTC has true Intrinsic Value.

Peter Schiff believes that as the value of BTC continues to be artificially inflated and speculative capital flows in, investment in related infrastructure also increases. This has resulted in many resources that could have been invested in other sectors being 'Tied Up' in the encryption industry, which not only hinders economic growth but also traps a significant amount of social resources in a valueless bubble. If the bubble bursts, it will affect investors who provide funding and support for the entire industry, leading to staggering net losses in society.

Is BTC really an eyewash? Or is it a financial revolution? Today, as BTC's market capitalization continues to reach new highs, Peter Schiff's remarks inevitably raise doubts.

No matter how the future of BTC evolves, supporters firmly believe that the development of BTC and Blockchain technology signifies the arrival of Decentralization finance in the future, challenging the traditional monetary system. For ordinary investors, regardless of their support for BTC, perhaps the most important question is how to find a balance in this 'bubble' and 'revolution' full of unknowns.

'Still being stubborn? Peter Schiff still calls BTC a bubble: I knew it would blow up so big, I would have bought it' This article was first published in 'encryption city'