Bitcoin Critic Peter Schiff May Be Holding Bitcoin Secretly: Elon Musk

vocal bitcoin critic Peter Schiff

February 21, 2021

Reading Time: 2 minutes

Tesla and SpaceX’s CEO Elon Musk and Euro Pacific Capital CEO and vocal bitcoin critic Peter Schiff got into a Twitter exchange that led to Musk concluding that Schiff may as well be holding cryptocurrency.

Peter Schiff and Elon Musk’s Twitter Exchange

The series of events leading to the exchange started when Musk responded to Bloomberg’s news article on Binance’s CEO, Changpeng Zhao. Zhao expressed his surprise at Elon’s outspoken support for DogeCoin, yet his company Tesla invested $1.5 billion in bitcoin. In response, Musk elaborated that Tesla’s action was independent of his views. He then stated that holding money in bitcoin is “a less dumb form of liquidity than cash.”

It is this statement that vocal bitcoin critic Peter Schiff commented on, saying that what Musk was saying was that “bitcoin is almost as BS as fiat money.” Schiff further trolled bitcoin, saying that for it being a digital currency, it is worse than the central bank-issued paper fiat. The bitcoin hater expressed his support for holding gold, which he termed as real money better than fiat and bitcoin.

Musk responded, telling bitcoin hater Schiff that receiving an email saying he had gold was not the same as having gold. He continued that Schiff might as well have crypto.

Schiff Tweets Way Too Much About Bitcoin to Be A Hater

Bitcoin enthusiasts have noted that renowned gold advocate is involved in too many bitcoin and cryptocurrency conversations. For this, there are allegations that Schiff may have invested in bitcoin to be this vocal about it, regardless of his anti-crypto stance.

Schiff called out Grayscale for a made-up bitcoin bullish trend and also commented that the bitcoin bubble would burst. In this latest castigation, Schiff detailed how Bitcoin requires a network of miners who end up spending 5% of the cryptocurrency’s market share value a year to mine it. He implied that owning gold is simpler compared to this complicated process of mining bitcoins. To be this updated, it is justified to assume vocal bitcoin critic Peter Schiff may be following up on his investment in the cryptocurrency and not a bitcoin hater.


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