Peter Schiff claims CNBC uses too much time on Bitcoin

Must Read

Phuck Coin – Opens the PHUCKS Store

There’re numerous problems and challenges the world is currently facing. A lot of efforts have...

Razor Shark

If you are looking to take a bite out of a shark-themed online game, then hopefully this...

Sunday Market Analysis from Trendtracers

BTCUSDT. First impression is bearish, there seems to be yearly support at around 28k, We’re expecting more...
- Advertisement -
Earn Free Bitcoin

Bitcoin’s (BTC) fresh bull run this week is down to speculators betting on Chinese economic upheaval, not Chinese upheaval itself, Peter Schiff claims.

Schiff: speculators buying Bitcoin to speculate

In a tweet Aug. 5, the veteran gold bug and well-known Bitcoin naysayer claimed that current events impacting the Chinese economy did not cause fresh interest in Bitcoin.

“The Chinese aren’t buying Bitcoin as a safe haven. Speculators are buying, betting that the Chinese will buy it as a safe haven!” he wrote.

For Schiff, however, those events simply provided speculative traders with another outlet for squeezing markets and introducing more volatility. 

He framed his remarks as an attack on CNBC, which he claimed spent a disproportionate amount of time on Bitcoin’s movements at the expense of assets such as gold. 

“CNBC is trying its best to dupe its audience into buying Bitcoin. Despite gold being a much larger market, CNBC devotes far more airtime to Bitcoin,” he tweeted.

Peter Schiff holds Bitcoin nonetheless

The perspective is curious, Schiff just last week appearing in an hour-long dedicated debate on the pros and cons of gold versus Bitcoin. Hosted by Ran Neuner, who regularly discusses cryptocurrency on the network, the debate with Morgan Creek Digital co-founder Anthony Pompliano soon became a talking point. 

For his part, Pompliano said that Schiff should be 100% certain of Bitcoin’s lack of value, or he would regret lambasting instead of investing in it.

Since the debate aired, BTC/USD gained around 15%, leading to predictable responses to his tweet from traders who pointed to gold’s comparatively lackluster performance over a period of many years.

“Yeah, because speculators can push the price of an asset up by 30% in one week… right?” investor and trader Josh Rager responded. 

Schiff in fact owns at least 0.21 BTC ($2,470), which he said he would keep after Pompliano inadvertently caused around 100 people to send him free coins in a bid to change his mind.

- Advertisement -
- Advertisement -

Latest News

Sunday Market Analysis from Trendtracers

BTCUSDT. First impression is bearish, there seems to be yearly support at around 28k, We’re expecting more...
- Advertisement -Earn Free Bitcoin

Earn Passive Income with Nhash Cloud Mining Services

Cloud mining services are an easy way to earn passive income online. Although...

Afri-X and DigiShares Bring Tokenization to Africa

DigiShares is proud to announce its partnership withAfri-x.com to deliver the power of tokenization to Africa. DigiShares has licensed its tokenization platform to...

Racing For Heroes selects Gen2 Technologies as a Key Technology Partner

SPARKS, Nev., April 7, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is proud to announce that it has been...

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...