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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
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Yuri Molchan
Vocal Bitcoin critic Peter Schiff says Bitcoin is not the new gold and offers yet another reason for that
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.

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”.

BTC
Image via Twitter

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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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.