Financial commentator Peter Schiff has refuted claims that companies acquired Bitcoin at the expense of gold
Peter Schiff shot down reports from companies trading gold for Bitcoin (BTC). Not so long ago, he threw Brickbats on the announcement by Michael Saylor, CEO of MicroStrategy, to buy more Bitcoin.
Schiff recently posted on Twitter in response to reports from several public companies that have abandoned gold and shifted their interest in crypto assets. He described a report as a marketing gimmick to get more institutions on the Bitcoin train. He added that only a handful of companies are interested in buying BTC and are not using gold. Instead, they used other assets to complete the trade.
“The latest #bitcoin marketing gimmick is that many private and public companies are trading their #gold and am accumulating BTC as their preferred store of value. The few companies that buy bitcoin haven’t done so by selling their gold. Bitcoin is not the new gold, ”wrote Schiff.
Earlier this month, Schiff got hold of the cryptocurrency investment and wealth management firm Grayscale. He accused the investment firm of stimulating the “bitcoin bubble” through its bitcoin trust fund. Schiff also pointed his finger at CNBC television. He claimed that the network’s coverage of cryptocurrencies included several advertisements urging investors to consider BTC. He also said the network only aired guests who were BTC advocates.
“This is how the Grayscale Trust is helping to fuel the #bitcoin bubble. First Grayscale is spending a lot of money on @CNBC to run non-stop ads that direct BTC to investors. CNBC is returning the favor by constantly putting pro-bitcoin guests on the air who make price predictions. “
On Sunday Schiff blamed Michael Saylor after he decided to announce the purchase of $ 650 million to BTC.
“MicroStrategy completes $ 650 million offering of 0.750% convertible senior notes maturing in 2025,” said the company’s founder.
Schiff argued that Saylor was trying to drive BTC prices up, which earned the shareholder the price volatility.
“Since @michael_saylor made the mistake of publicly announcing their $ 650 million BTC purchase in advance, traders can buy first and increase the price of #Bitcoin now so they can later sell at a higher price , which makes MicroStrategy shareholders potentially the ultimate bag holders. ”