Peter Schiff, a well-known economist and the founder of Euro Pacific Capital, has recently opened up about his biggest mistake regarding Bitcoin. In a candid interview, Schiff acknowledged that his initial doubts about the cryptocurrency led him to overlook a major financial opportunity. While he accurately recognized Bitcoin's speculative aspects, he failed to anticipate its acceptance by major institutions and its eventual mainstream integration. Schiff now points to the approval of Bitcoin spot ETFs in early 2024 as a turning point that dramatically altered the asset’s path.
Looking back, Schiff notes a significant gap between his earlier warnings and how the market actually evolved. He had consistently argued that Bitcoin’s volatility and lack of inherent value made it a poor choice for serious investors. However, the introduction of ETFs has sparked a surge of interest from institutional investors. For example, BlackRock’s Bitcoin ETF alone has generated $3.2 billion in unrealized gains for its holders by late November 2025. These developments highlight how ETFs have helped address some of Bitcoin’s longstanding challenges, such as secure storage and price swings, by providing a more regulated and accessible investment vehicle.
The broader market environment reveals a complex mix of technical signals and economic influences shaping Bitcoin’s recent performance. The cryptocurrency has recently displayed a cautiously optimistic trend, forming an inverse head-and-shoulders pattern on the 4-hour chart—a classic sign that a short-term reversal may be underway. Experts from Feral Analysis believe that if Bitcoin can break above the $87,000 resistance level, it could climb toward $96,400. However, they warn that this outcome depends on trading volume and broader economic conditions. Schiff now concedes that, while Bitcoin’s core fundamentals remain speculative, its growing role in traditional finance has introduced new factors he previously underestimated.
Schiff’s recent comments come as the financial world reconsiders Bitcoin’s place in global markets. The launch of ETFs and Bitcoin’s rebound above $90,000 have reignited enthusiasm among investors who were once hesitant due to regulatory concerns. BlackRock’s ETF, now the largest spot Bitcoin fund, has seen renewed inflows after a brief pause, signaling increased confidence in the asset’s durability. Technical indicators like the Relative Strength Index (RSI) and Fibonacci retracement levels suggest that Bitcoin is consolidating before potentially moving higher, though investors remain alert to possible headwinds from Federal Reserve policy changes, as highlighted in recent analyses.
Despite these positive trends, Schiff remains cautious, stressing that Bitcoin’s long-term success depends on its ability to stay decentralized and resist regulatory overreach. He continues to criticize ETFs for undermining the core principle of cryptocurrency ownership—“not your keys, not your coins”—which underscores the ongoing philosophical divide between traditional finance and crypto advocates. Nevertheless, the strong institutional response to ETFs, as seen in BlackRock’s $3.2 billion profit for ETF investors, indicates that mainstream adoption is reshaping Bitcoin’s story, even as its speculative and volatile nature endures.