Is Peter Schiff Slowly Becoming A Bitcoin Bull?

The president of Euro Pacific Capital, Peter Schiff reinforced his views on Bitcoin being a bubble about two years ago in August of 2017. At the time, Bitcoin was worth $4,500 - the highest it had ever been at the time - but Schiff was adamant that the emerging crypto asset was a bubble.

As time goes on people change and it seems that peter Schiff could now be banking on the power of cryptocurrencies.

The notorious Bitcoin naysayer has said:

“There’s certainly a lot of bullishness about Bitcoin and cryptocurrency, and that’s the case with bubbles in general. The psychology of bubbles fuels it. You just become more convinced that it’s going to work. And the higher the price goes, the more convinced you become that you’re right. But it’s going up because it’s going to work. It’s going up because of speculation.”

In July of this year, Schiff said that he was the reason for the swift decline in the price of Bitcoin last month. But two years ago in July 2017, Schiff said:

“On my Bitcoin challenge Live Stream on YouTube on Monday, I recommended selling Bitcoin and buying silver. Since then the price of Bitcoin has fallen by over 10 percent (even after a 10 percent rally from the low), ad silver is up 3.8 percent, its biggest two-day gain in two years. Coincidence.”

Schiff was recently given some bitcoin by members of the community, making him an official Bitcoin HODler. The co-founder of Morgan Creek Digital, Anthony Pompliano also pitched in for donating to the EPC president.

Whilst appearing on a CNBC show with Pomp, Schiff went onto say:

“I’m already kicking myself, I had that opportunity [to buy at $10]. I could already be a billionaire if I had only bought it back then… I should have bought it when I first heard about it.”

So is Schiff becoming a Bitcoin bull? I can’t say I know him personally but he seems like the kinda guy who wouldn’t admit it even if he was...