TL;DR Breakdown
- Peter Schiff says Bitcoin is pure bullsh*t.
- Holding BTC is a good form of investment, according to Tesla CEO, Elon Musk.
Elon Musk has dissed Peter Schiff, stating that he might be holding BTC secretly. The CEO of SpaceX and Tesla made this statement in response to Schiff’s rant against the number one cryptocurrency, Bitcoin.
Elon Musk in full support of holding BTC
Recently, the world’s richest man tweeted about the top crypto asset. He said that holding BTC is an excellent form of investment, adding that only fools will pass on the opportunity to invest in BTC. In his words, the Tesla CEO said, “Bitcoin is a less dumb form of liquidity.”
According to him, crypto enthusiasts should focus more on Bitcoin investment with the present economic decline some fiat currencies like the USD are experiencing. His love for cryptocurrency prompted the recent BTC purchase Tesla made worth $1.5 billion.
However, Peter Schiff has a contrary opinion, suggesting that the top CEO doesn’t value Bitcoin nor fiat currencies. Schiff, a renowned critic of Bitcoin, “may be pretending to hate Bitcoin as he may even have other cryptocurrencies,” Musk replied.
Elon Musk defines currency in relation to Bitcoin
In response to Schiff’s comments about his view of cryptocurrency, Elon Musk gave a short definition of currency. He defined currency as any data that allows people to conquer problems in trading. On holding BTC, he stated that Bitcoin would increase in value and eventually overcome these trading difficulties.
Peter Schiff: There is a difference between Bitcoin and Fiat currency
In the words of Peter Schiff, he sees “Bitcoin as pure bullsh*t.” The Bitcoin critic stated that fiat currencies are required by the government as a form of tax, adding that fiat is a legal tender. In contrast, Bitcoin is not a legal tender, and it’s just for holding and trading.
Whether or not Schiff remains a stern critic of Bitcoin, Elon Musk is a huge fan of holding BTC, recently changing his Twitter picture to a Bitcoin snapshot. However, he tweeted that the change was only going to last for a day.
