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Peter Schiff Says Companies Grabbing Bitcoin Don’t Rush to Part with Their Gold

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Sat, 12/12/2020 - 11:14
Peter Schiff Says Companies Grabbing Bitcoin Don’t Rush to Part with Their Gold
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Euro Pacific Capital CEO Peter Schiff has taken to Twitter to take another jab at Bitcoin and explain why it is not the new gold in his view.

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In his tweet, he slammed the recent argument of Bitcoiners about the institutional interest, calling it nothing but a marketing gimmick. The vocal Bitcoin hater and gold lover Schiff stated that it does not matter that few private and public companies have been acquiring Bitcoin.

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The money used for this did not come from selling their gold, Schiff said, implying that they still view gold as a major store of value. This is why he repeats that “Bitcoin is not the new gold”.

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However, Blockstream CSO, Samson Mow, believes that a lot of companies have been acquiring Bitcoin without making it common knowledge. He tweeted:

“For every one MicroStrategy, there are ten other companies buying #Bitcoin quietly.”

As reported by U.Today earlier, MicroStrategy has raised a whopping $650 million from selling securities and now intends to put it all into Bitcoin.

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