Peter Schiff Has Just Sort of Endorsed Bitcoin But He Denies It

News
Thu, 12/24/2020 - 14:36
article image
Yuri Molchan
Vocal Bitcoin critic Peter Schiff has tweeted something that was taken as a Bitcoin endorsement but the long-standing gold lover rejects this assumption
Peter Schiff Has Just Sort of Endorsed Bitcoin But He Denies It
Cover image via www.facebook.com
Read U.TODAY on
Google News
Contents

Euro Pacific Capital CEO Peter Schiff has tweeted that 2020 has been a great year for Bitcointhe asset that he criticizes so often and, therefore, often tweets about it, amusing the Bitcoin community.

Now, after Schiff's recent tweet, a Bitcoiner jokingly assumed that Schiff was endorsing Bitcoin; the gold bug immediately denied that allegation.

Schiff boasts owning stocks that outperform Bitcoin

The renowned Bitcoin hater took to Twitter to say that "Bitcoin is having a great year." He made it clear that he does not own BTC himself; instead, he has some stocks that have done much better than BTC in 2020.

Schiff compared the gains he made from those stocks to returns from gold. The highly profitable stocks mentioned by Schiff are, most likely, those of Tesla.

Earlier this week, Elon Musk's Tesla shares spiked a whopping 676 percent after the company was added to the S&P 500 index. Bitcoin gains in 2020 were nearly three times smaller: 220 percent.

BTC
Image via Twitter

Was Peter Schiff endorsing Bitcoin?

Schiff assumed that the majority of Bitcoin investors holds BTC, among other assets in their diversified portfolios. Taking again to his hobby horse in his typical manner, Schiff trolled those who have put all their funds into Bitcoin.

However, when a Bitcoiner joked that Schiff had just endorsed BTC, the gold bug immediately denied it. Trying be as courteous as he could, Schiff again criticized Bitcoin holders that will not dump their BTC for solid gains this year.

BTC
Image via Twitter

Schiff had a hot wallet in which he kept $50 worth of BTC but, in January of this year, he confused its pin for a password and his BTC was lost for good.

He took that opportunity to pour more scorn on Bitcoin and digital wallets.

Related
Japan Prepares for State-Backed Crypto Launch Within Next 3 Years

Schiff Junior loves Bitcoin

Schiff's son, Spencer, however, is a Bitcoiner unlike his father. On Aug. 27 of this year, Schiff Senior addressed Bitcoiners among his Twitter followers with a request to send his son Spenser Schiff some BTC as a birthday present.

As a wise parent, Peter Schiff treats his son's opposite take on Bitcoin with generosity but, based on his tweets, he most likely does try to persuade Spencer to dump BTC for gold from time to time.

article image
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.

thecryptobuds