After claiming that Elon Musk was too smart to buy bitcoin, Euro Pacific Capital CEO Peter Schiff reacts angrily to reports that Tesla has bought a crypto-currency. In a series of tweets at 8. February Schiff argues that Musk is not interested in a bitcoin stock vault, only in pumping the crypto.
BTC Bioprospective Statements
In its statement to the US Securities and Exchange Commission (SEC), Tesla said it decided to buy bitcoin because it is in line with the company’s updated investment policy. According to the company, the new policy, which allows Tesla to diversify and maximize profits from unused cash, also provides the opportunity to buy bullion.
However, in one of his tweets, Schiff seemed to be targeting Musk and Tesla for deciding to announce the acquisition of BTC without saying anything about gold. said Schiff :
Although Tesla’s filings with the Securities and Exchange Commission (SEC) also authorize the purchase of gold, none of these purchases have been made public and I don’t think any of them are really being considered. Elon Musk is not interested in maintaining value or hedging inflation. His goal is to pump more air into the Bitcoin and Tesla bubbles.
Immediately after the Tesla acquisition, the value of BTC jumped, with the leading cryptocurrency reaching a new all-time high (ATH) just above $48,000. Following the Tesla acquisition, some bitcoiners are now predicting that crypto assets will reach $100,000 by the end of the year, as more and more large institutions join in on the frenzied buying.
Meanwhile, Schiff, who has repeatedly predicted the collapse of BTC, is also attacking the mainstream financial media for doing all they can to promote bitcoin at the expense of gold. In particular, the prospector is unhappy with US network CNBC’s coverage of Tesla’s acquisition of bitcoins. says Schiff :
As expected, CNBC reports on Tesla’s purchase of bitcoins. Guest after guest, most of whom are interested in promoting bitcoin, applauded the decision. None of the guests criticized the decision, much to the delight of CNBC’s largest advertiser, Grayscale.
Meanwhile, Twitter user Peter Elon Schiff reminds us that just 48 hours after the announcement, Tesla’s investment in BTC has already increased by $150 million. Another user, Anthony Claude, explains why Schiff is scared. Says he:
Peter is excited because the bitcoin story is now digital gold, and he fears that the institutional shift from physical gold to bitcoin will lead to a decline in gold’s dominance as an inflation hedge. In my opinion, there is more than enough room for both.
What do you think of Peter Schiff’s latest anti-BTC tweets? Tell us what you think in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, Gage Skidmore, CC BY-SA 2.0