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What Would It Take To Convince Peter Schiff To Invest In Bitcoin?


A lot of people including myself think very highly of Peter Schiff.

The legendary investor has been right about many things over the years, but as many of you know, he has a seething hatred for Bitcoin.

I previously reported on how Schiff would consider buying Bitcoin if it hit pennies on the dollar, but it seems like he is coming around—not in some major or seismic way, but in a way that suggests he is taking baby steps.

According to the latest reports, Schiff would consider investing in Bitcoin if it could show demonstrable cases as being used as a currency all on its own—without the help of The U.S. Dollar as its conversion base.

This is a far cry from “I’ll buy this if the price goes well below $1”, and to me it is a signal that Schiff is slowly but surely changing his tune when it comes to Bitcoin.

Schiff sat down with Anthony Pompliano to discuss all this and more:

Crypto Slate explains exactly what Schiff means, and why El Salvador does not count towards his definition:

What does he mean by this? Simply put, the current convention sees the dollar as the base, with Bitcoin as the variable. So even if El Salvadorians are paying with Bitcoin, what they pay is at the dollar price converted.

For Schiff to change his mind, he must first see pricing in Bitcoin, and for $BTC to act as the fixed base with the dollar as the variable. In other words, Bitcoin must be dominant over the dollar in everyday settings of exchange.

Schiff recently said this about Bitcoin according to Crypto Potato:

“Clearly, I wish I had bought bitcoin when I first heard about it – that was a keen mistake. Could have I put $100,000 in it – yeah, I could have. I mean, I put $100,000 in other things that turned out poorly.

I could have been one of the bitcoin billionaires now, as obviously I knew about it early on. If I could go back in time, that’s one of the things I would do.”

Furthermore, Schiff also spoke about BTC’s potential price increases. He admitted that it’s entirely possible that it could go as high as $100,000 or even $1,000,000 per coin. However, he made it clear that the expanding price tag doesn’t mean that bitcoin is less of a bubble.

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