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Peter Schiff Accuses Elon Musk of Pumping Crypto After His DOGE Tweet

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Thu, 02/04/2021 - 16:04
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Yuri Molchan
Vocal Bitcoin opponent Peter Schiff has criticized Elon Musk for pumping cryptocurrencies and breaking its promise to take "a while off Twitter"
Peter Schiff Accuses Elon Musk of Pumping Crypto After His DOGE Tweet
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In his latest tweet, Euro Pacific Capital CEO Peter Schiff has commented on the recent public message from Elon Musk, in which he calls Dogecoin "the people's crypto."

Schiff also stated that the Tesla CEO is "pumping cryptocurrencies."

Gold bug Schiff criticizes Musk

Peter Schiff, who prefers traditional safe havens such as silver and goldbut not Bitcoin or other cryptohas trolled Elon Musk for putting up a tweet that pumped DOGE over 50 percent earlier today and wrote that "in retrospect, it was inevitable."

While replying to a comment, Schiff specified that he has no negative feelings toward Musk. However, Schiff admitted that he does dislike Musk's pumping cryptocurrencies.

He explained this by saying that a lot of people can lose a lot of money since Schiff believes Bitcoin and other crypto to be nothing but a bubble.

BTC
Image via Twitter

Musk seems to love DOGE more than Bitcoin

Musk, who tagged Bitcoin in his Twitter bio last Friday, has now removed it. This coincided with him first tweeting "DOGE" today and later on writing on his Twitter page that "Dogecoin is the people's crypto" and "No highs, no lows, only Doge."

Musk has been known as a DOGE fan for a few years now. In 2019 and 2020, he endorsed DOGE several times, tweeting in 2019 that the coin may be his favorite, as "it's pretty cool."

Later in the same year, the DOGE community jokingly voted for him to be the next DOGE CEO, and that position was listed on his Twitter bio for a few days.

As for Bitcoin, Musk started mentioning it, saying that BTC is not his safe word. In December 2020, he changed his tune on that.

Last Friday, Tesla CEO admitted to being a Bitcoin supporter, called BTC "a good thing" and added "Bitcoin" to his Twitter bio, thus pushing the price from $32,000 to roughly $38,600.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.