Peter Schiff is so desperate for Bitcoin not to succeed he’s made it his personal mission to try and stop it from gaining adoption. Good luck with that, Peter.
Long has the gold bug been the nemesis to Bitcoiners, desperate Pete delved to new lows yesterday as Crypto Twitter went mad with the possibility of Elon Musk putting some of Tesla’s treasury into Bitcoin.
Elon Musk tweeted a Bitcoin meme to which gigachad, Michael Saylor recommended the Tesla CEO do his ‘shareholders a $100 billion favor, [and] convert the $TSLA balance sheet from USD to BTC.’
Musk questioned whether such a large transaction was possible on Bitcoin, and the MicroStrategy CEO mentioned his purchase of over $1.3 billion and offered to help the SpaceX CEO determine whether it was a feasible move.
‘Yes. I have purchased over $1.3 billion in BTC in past months,’ said Saylor. ‘And would be happy to share my playbook with you offline – from one rocket scientist to another.’
MicroStrategy CEO Michael Saylor believes Bitcoin is the best and most liquid security ever invented and decided to adopt a Bitcoin standard and put most of the cash rich software intelligence company’s liquid treasury into Bitcoin.
The company had moved $475 million of its balance sheet into Bitcoin, before converting over $600 million in corporate bonds to buy more Bitcoin, taking MicroStrategy’s total to over $1 billion in Bitcoin.
Gobshite Peter Shiff Desperate To Stop Bitcoin Adoption
Long time Bitcoin bear, Peter Schiff was clearly infuriated and scared of the idea that Elon Musk might put some of Tesla’s treasury into Bitcoin.
The gold bug dinosaur told Musk not to fall for Michael Saylor’s offer and labelled Bitcoin a ‘pyramid scheme’ which the Tesla shareholders would be better off without.
‘Elon, don’t fall for this con. Michael, like all involved in the Bitcoin pyramid scheme, must recruit new buyers into the scheme to keep it going,’ said Peter Schiff. ‘[Don’t] leave Tesla shareholders holding the same bag as MircroStrategy shareholders.’
The gold dealer even offered to debate Michael Saylor in front of Tesla board, so they can make ‘a more informed decision’.
Peter Schiff went on a tirade of anti-Bitcoin comments on Twitter during the “debate” labelling anything positive about Bitcoin as ‘fake news’. The gobshite even claimed Bitcoin was worth nothing, but that the market just didn’t know it yet.
Schiff regularly claims Bitcoin lacks any ‘fundamental intrinsic value’ something he has been vocally repeating since first starting his anti-Bitcoin mission in 2011.
‘What bitcoins lack is their own fundamental intrinsic value,’ claimed the gold bug in an interview back in 2011. ‘You can’t do anything with a bitcoin, other than trade it for something you want. So, intrinsically, the bitcoin itself has no value. It only has value as a medium of exchange so long as people are willing to accept it.’
Since Peter Schiff first went up against Bitcoin when it was less than $10, and told all his followers not to invest in it.
Since then Bitcoin has risen more than 20,000% against the USD. More tellingly, a bitcoin would have bought you a fraction of an ounce of gold back in 2011, today a bitcoin will buy you 12.537 ounces of gold.
Why Is Desperate Peter Schiff So Against Bitcoin?
Peter Schiff is a well-known Libertarian, and regularly speaks out against the fiat monetary policies of governments, so why is he so against Bitcoin?
Peter Schiff is a successful gold dealer who has made millions and a name for himself buying and selling gold.
Bitcoin is regularly called ‘Digital Gold’ and has many of the same properties as gold, but is a better version of gold.
Bitcoin beats gold at many things such as scarcity, divisibility, and transportability. It’s also easy to prove Bitcoin’s authenticity whereas gold’s isn’t and many people unwittingly buy fake gold. Gold can also be confiscated, Bitcoin can’t.
Gold is a nice yellow metal, but it isn’t going to get any smarter and you can’t do a right lot with it. In this digital age, Bitcoin is a secure programmable platform for finance, and so much is being programmed on it already.
Gold has been the store of value for millennia, and that will continue, but as Bitcoin attracts more money, it’s less value going into the gold market. And this is where Peter Schiff will lose out.
Peter Schiff’s entire dynasty is built on the gold and silver markets, and he is scared it will diminish as Bitcoin attracts money that would have been going into the precious metals markets.
Peter Schiff is a desperate gobshite, who will do his best to slow the adoption of Bitcoin down, but to use an idiom that defines this idiot: he is pissing in the wind.
Bitcoin is already the main topic of discussion in pretty much every boardroom, and as loud as Peter Schiff’s mouth is, he is fighting a losing battle as corporations continue to make Bitcoin a part of their treasuries.
Author: Tommy Limpitlaw
Bitcoin FAQs
Bitcoin is a decentralized money. A money that nobody can control or manipulate, and a money that nobody can print and devalue. It’s also not necessary for any third party to verify transactions, so it makes it much faster and cheaper to send value. It’s also money built on the Internet: a society of almost 5 billion people.
Yes. Every Bitcoin can broken down into 100 million bits. They are known as satoshis, after the pseudonymous creator Satoshi Nakamoto. And some companies will let you buy as little as $1 worth of Bitcoin, which at time of writing is worth about 11,000 satoshis. There are many companies that have a system for dollar cost averaging (DCA). This is a great way to buy Bitcoin, and is known in the space as ‘Stacking Sats’. Basically, what you do is set up small automatic, recurring payments to buy Bitcoin (or sats), and you DCA over time.
There are many ways to make money with Bitcoin. The most obvious way is to mine Bitcoin. Bitcoin mining is the process of verifying transactions, and helping to secure the Bitcoin network. Bitcoin miners are rewarded with bitcoins for their work.
There are several reputable Bitcoin exchanges operating in Germany. However, the most recommended exchanges are Kraken or BlockFi. Or you can buy Bitcoin from Bitcoin marketplaces, such as LocalBitcoins or Paxful. All of these exchanges and marketplaces are global with high liquidity and excellent customer service. Check out our reviews on each platform.
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.
