Bitcoin News and Finance
Haunted by Past Elon Musk Predictions, Gold Bug Peter Schiff Tears Into Tesla’s BTC Acquisition Skip to main content

Haunted by Past Elon Musk Predictions, Gold Bug Peter Schiff Tears Into Tesla’s BTC Acquisition

After previously claiming that Elon Musk was too smart to buy bitcoin, Euro Pacific Capital CEO Peter Schiff is reacting angrily to reports that Tesla has acquired the cryptocurrency. In a series of tweets on February 8, Schiff now claims that Musk has no interest in bitcoin’s store of value credentials but is only interested in pumping the crypto.

Haunted by Past Elon Musk Predictions, Gold Bug Peter Schiff Tears Into Tesla's BTC Acquisition

BTC Bias Allegations

In its filing with the U.S. Securities and Exchange Commission (SEC), Tesla says it decided to acquire bitcoin because it fits with the company’s updated investment policy. According to the company, this new policy, which provides Tesla with the flexibility to diversify and maximise returns on idle cash, authorizes the company to buy gold bullion as well.

Haunted by Past Elon Musk Predictions, Gold Bug Peter Schiff Tears Into Tesla's BTC Acquisition

However, in one of his tweets, Schiff appears to take aim at Musk and Tesla for choosing to announce the BTC acquisition while not mentioning anything about gold. Schiff says:

Though Tesla’s SEC filing also authorizes the purchase of gold, no purchases were disclosed, and my guess is that none are actually contemplated. Elon Musk has no interest in a store of value or an inflation hedge. His goal is to pump more air into the bitcoin and Tesla bubbles.

Immediately following Tesla’s acquisition, BTC’s value spiked with the top crypto setting another all-time high (ATH) of just above $48,000. After Tesla’s acquisition, some bitcoiners now predict the crypto asset will reach $100,000 by year-end as more large institutions join the buying frenzy.

BTC Not Crashing

Meanwhile, Schiff, who has predicted BTC’s crash on numerous occasions, also attacks the mainstream financial media for “doing everything it can to promote” bitcoin at the expense of gold. In particular, the gold bug is unhappy with the U.S. network CNBC’s coverage of Tesla’s bitcoin acquisition. Schiff says:

As expected, CNBC is providing non-stop coverage of Tesla’s bitcoin buy, with one guest after another, most with a vested interest in promoting bitcoin, praising the decision. No guests have really criticized the decision, to the delight of Grayscale, CNBC’s biggest advertiser.

In the meantime, on Twitter, user Peter Elon is quick to remind Schiff that in just under 48 hours after the announcement, Tesla’s BTC investment is already $150 million up. Another user, Anthony Kloda explains why Schiff is rattled. He says:

“Peter is rattled because the bitcoin narrative currently is digital gold and he’s afraid of an institutional shift from physical gold to bitcoin driving down gold leadership position as the dominant inflation hedge. In my opinion, there is more than enough room for both.”

What are your thoughts on Peter Schiff’s latest anti-BTC tweets? Tell us what you think in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory