Will More People Sell BTC? Peter Schiff Reflects on His 'Biggest Bitcoin Mistake'

Peter Schiff, a longtime critic of Bitcoin (BTC), has recently acknowledged that he underestimated the enthusiasm people have for investing in Bitcoin. He describes his "biggest mistake" as failing to recognize the willingness of individuals to invest in something he believes is destined to fail.

Key Takeaways

Peter Schiff admits he underestimated investor FOMO (fear of missing out) regarding Bitcoin.
Despite his negative predictions about Bitcoin's future, those projections have consistently not come true.
Bitcoin adoption is increasing globally, particularly in the Asia-Pacific region.
Bitcoin has been the most purchased cryptocurrency, greatly outpacing Ethereum.
Institutional interest, particularly after the approval of Spot BTC ETFs, indicates a maturing cryptocurrency market.

Peter Schiff Bitcoin

Peter Schiff's Critique of Bitcoin

Peter Schiff has repeatedly expressed his skepticism regarding Bitcoin, forecasting its imminent collapse. Yet, his drastic predictions have failed to occur. For instance, back in 2018, he predicted that Bitcoin would plummet to $750, declaring the then-current price of $3,800 as "overvalued." Since then, Bitcoin has skyrocketed to over $120,000 before settling at $90,000, representing a staggering increase.

Despite the current price, Schiff remains steadfast in his belief that Bitcoin will eventually fail, labeling individuals who don’t agree with him as “fools.” He claims that Bitcoin holds no intrinsic value and has been vocal about this perspective for over ten years.

Interestingly, as Bitcoin's value experienced declines earlier this year, Schiff intensified his critiques, even branding the BTC treasury strategy as a "fraud." This skepticism stands in stark contrast to the rising trend of cryptocurrency adoption worldwide.

Global Adoption on the Rise

The year 2025 has seen the Asia-Pacific region take the lead in cryptocurrency adoption. Countries such as India, Pakistan, and Vietnam are at the forefront. According to Chainalysis, the region experienced a remarkable 69% year-on-year increase in on-chain value, surging from $1.4 trillion to $2.36 trillion.

Peter Schiff Bitcoin Source: Chainalysis

Latin America and Sub-Saharan Africa followed closely, emerging as the second and third regions with the highest adoption rates. Chainalysis reports that the increasing interest from the Global South is largely driven by practical applications like remittances and day-to-day transactions.

In terms of specific assets, Bitcoin again stood out as the most highly acquired cryptocurrency, with Ethereum following. The report indicated, “Bitcoin leads by a wide margin, accounting for over $1.2 trillion in fiat inflows during the period—this is over 70% more than Ethereum, which saw roughly $724 billion in volume.”

Peter Schiff Bitcoin Source: Chainalysis

Additionally, the approval of Spot BTC ETFs in the U.S. in 2024 has served as a significant indicator of the asset class's maturation. Thus far, these products have drawn $58 billion in total inflows, significantly led by BlackRock, the world’s premier asset manager, making BTC ETFs their top revenue source.

This growing institutional interest has led some financial firms like JPMorgan to view Bitcoin as "digital gold," reflecting a safe long-term investment amid fluctuating fiscal policies—a trend they refer to as the “debasement trade.” Given these developments, it becomes challenging to disregard Bitcoin as “nothing,” as Schiff has posited.

Final Thoughts

As Schiff continues to critique Bitcoin, the evolving landscape of cryptocurrency, marked by increasing institutional interest and widespread adoption, poses an undeniable challenge to his assertions. Regardless of individual beliefs, the cryptocurrency market is clearly maturing and expanding.