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TL;DR Breakdown:
- Peter Schiff says Elon Musk is trying to start another Bitcoin party with DOGE.
- He also argued that the meme cryptocurrency is better than Bitcoin.
In recent days, the CEO of SpaceX and Tesla, Elon Musk, stepped up his interest in Dogecoin (DOGE) as he posted several DOGE related tweets, which saw the cryptocurrency spike in value on several occasions. Peter Schiff responded to the development on Sunday, adding that Dogecoin is practically a better cryptocurrency than Bitcoin. Schiff’s comments, as usual, sparked several countering comments from CT, including Anthony Pomp.
Peter Schiff on Bitcoin’s Ponzi
The Bitcoin opponent reiterated Elon Musk’s statement in the Clubhouse, where Musk mentioned that he was already late to the Bitcoin’s party. The SpaceX CEO regretted not buying the cryptocurrency when his friends asked him to do so back in 2013. At first, Peter Schiff said that might be the reason the billionaire chose to promote the DOGE cryptocurrency. According to him, Musk is trying to ignite another party with the meme cryptocurrency since he’s late with Bitcoin.
Peter Schiff’s comment that “Dogecoin is better at being Bitcoin than Bitcoin” is probably what attracted the attention of Crypto Twitter the most. When asked to compare the number of BTC in circulation to DOGE, which has a greater circulating supply, the Bitcoin critic dismissed the argument by saying:
“The number is meaningless. There are 2.1 quadrillion Satoshis. Dogecoin’s supply can’t increase by more than 2% per year. Practically speaking, Dogecoin is a better crypto currency than Bitcoin.”
CT response
Crypto Twitter trolled on Peter Schiff’s tweet, including the founder and partner at Morgan Creek Digital, Anthony Pompliano.
Kraken’s Dan Held also commented on the tweet.
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Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
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