Peter Schiff, a staunch gold advocate and long-time Bitcoin critic, has openly admitted his "biggest Bitcoin mistake": underestimating the extent to which people would FOMO into the cryptocurrency. In a recent reflection, Schiff acknowledged that he downplayed the "foolishness" of investors embracing what he calls an asset backed by "nothing." This admission marks a shift, as he expressed regret for not buying Bitcoin when it was priced at just a few dollars in 2010.
Schiff has consistently predicted Bitcoin's collapse for over a decade, with notable forecasts like in 2018 when he warned of a drop to $750 from $3,800, deeming it "overvalued." Despite these dire projections, Bitcoin has surged to over $120,000 before retreating to around $90,000, representing a nearly 23-fold increase from his 2018 prediction levels. Even at current prices, Schiff maintains that Bitcoin will eventually crash to zero, labeling optimists as "fools" and intensifying attacks, especially after BTC erased its 2025 gains.
Contrasting Schiff's skepticism, global crypto adoption has soared. According to a Chainalysis report, the APAC region led in 2025 with a 69% year-over-year increase in on-chain value received, from $1.4 trillion to $2.36 trillion, driven by countries like India, Pakistan, and Vietnam. Latin America and Sub-Saharan Africa followed closely, with adoption fueled by utilities such as remittances and everyday payments.
Bitcoin emerged as the most purchased cryptocurrency, accounting for over $1.2 trillion in fiat inflows—significantly ahead of Ethereum's $724 billion. This adoption wave has been bolstered by institutional interest, notably the U.S. Securities and Exchange Commission (SEC) approval of Spot Bitcoin ETFs in 2024. These products have attracted $58 billion in cumulative inflows, with BlackRock's ETF becoming its top revenue source. Financial giants like JPMorgan are now eyeing Bitcoin as "digital gold" and a hedge against fiscal policy, part of a "debasement trade." With Bitcoin's market cap at $1.8 trillion and growing institutional embrace, it's challenging to dismiss the asset as worthless, despite Schiff's persistent criticisms.
