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 bitcoinâ€™s store of value credentials but is only interested in pumping the crypto.
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 companyâ€™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.
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:
Immediately following Teslaâ€™s acquisition, BTCâ€™s value spiked with the top crypto setting another all-time high (ATH) of just above $48,000. After Teslaâ€™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 BTCâ€™s crash on numerous occasions, also attacks the mainstream financial media for â€œdoing everything it can to promoteâ€ bitcoin at the expense of gold. In particular, the gold bug is unhappy with the U.S. network CNBCâ€™s coverage of Teslaâ€™s bitcoin acquisition. Schiff says:
In the meantime, on Twitter, user Peter Elon is quick to remind Schiff that in just under 48 hours after the announcement, Teslaâ€™s BTC investment is already $150 million up. Another user, Anthony Kloda explains why Schiff is rattled. He says:
â€œPeter is rattled because the bitcoin narrative currently is digital gold and heâ€™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.â€
What are your thoughts on Peter Schiffâ€™s latest anti-BTC tweets? Tell us what you think in the comments section below.