Gold advocate Peter Schiff criticized former MicroStrategy CEO Michael Saylor and CNBC for advertising Bitcoin, accusing them of pumping the first cryptocurrency.
The SEC is fining @KimKardashian $1.2 million pumping #crypto. What about the real pumpers? @Saylor had much more to gain pumping crypto than Kim. Or @CNBC paid millions for ads by crypto companies, then pumping #Bitcoin non-stop while providing industry pumpers with airtime?
— Peter Schiff (@Peter Schiff) October 3, 2022
The investor recalled that the US Securities and Exchange Commission (SEC) recently fined model Kim Kardashian for illegally promoting the altcoin EthereumMax (EMAX).
According to Schiff, the regulator should pay attention to completely different influencers.
“The SEC fined Kardashian $1.2 million for pumping cryptocurrencies. But what about real “pumps”? Sailor got a lot more from pumping crypto than Kim. Or CNBC, which was paid millions to advertise crypto companies? And then he pumped bitcoin non-stop, providing industry representatives with airtime, ”wrote Schiff.
Saylor countered by saying that bitcoin is a commodity, not a security, and its advertising is as legal as promoting “steel, aluminum, concrete, glass or granite.”
#Bitcoin is a commodity, not a security. Advocating a commodity is similar to promoting steel, aluminum, concrete, glass, or granite. The BTC network is an open protocol offering utilitarian benefits similar to roads, rails, radio, telephone, television, internet, or english.
— Michael Saylor⚡️ (@saylor) October 3, 2022
“The BTC network is an open protocol that offers utilitarian benefits like freeways, railroads, radio, telephone, television, internet, or English,” he added.
His opinion was supported by the co-founder and CEO of Blockstream Adam Back. He noted that the regulator recognized the token advertised by Kardashian as a security according to the Howie test.
“Bitcoin is like digital gold, not a security. Sailor can talk about it the same way you talk about physical gold for decades, ”he told critics.
#bitcoin is like digital gold, not a security. @saylor can talk about BTC, same as you’ve been talking about gold for decades. Notice the Kardashian touted token is considered by regulators as a security, where the typical test in the US at least, is the howey test.
— Adam Back (@adam3us) October 4, 2022
Schiff questioned the correctness of the classification of the first cryptocurrency by regulators. According to him, bitcoin “does not have any of the characteristics of a real commodity.”
Already at the end of the discussion, the investor again turned to criticism of the first cryptocurrency:
“Markets are starting to price the pivot point Fed, and bitcoin can’t even hold above $20,000. In contrast, gold is up 6%, silver is up 15%, VanEck Junior Gold Miners ETF is up 24%. Bitcoin is everything. It is not a hedge against inflation and will not rise when the Fed winds down [повышение ставок]’, says Schiff.
The markets are now starting to price in the #Fed pivot and #Bitcoin can’t even hold a rally above $20k. in contrast, #gold is up 6%, #silver is up 15%, and the $GDXJ is up 24%. Bitcoin is done. It’s not an #inflation hedge and won’t rally with gold when the #Fed folds.
— Peter Schiff (@Peter Schiff) October 4, 2022
Recall that in August, the investor announced the likelihood of the first cryptocurrency falling to around $10,000, repeating his May forecast.
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