Elon Musk Takes On Peter Schiff Over Bitcoin

Sapcex’s/Tesla CEO, Elon Musk, has re-clarified his viewpoint regarding Bitcoin after big-time gold fan, Peter Schiff’s criticism of Bitcoin. Says that those who are holding Bitcoin are less dumb than those who are stacking cash.

Elon Musk is one of those entrepreneurs who is held in high esteem within the global crypto community. He has been known for wholeheartedly supporting cryptocurrencies, particularly, Bitcoin and Ethereum. He has invested in cryptocurrencies personally as well as through his company, Tesla, in which he is serving as CEO.

Currently the Bitcoin has been riding on a renewed Bull-Run and the boost was provided to it by Tesla’s investment. A few days back, Tesla put US$ 1.5 Billion from its available reserve which gave instant rise in the value of Bitcoin.

Recently, Bloomberg invited Binance’s CEO, Changpeng Zhao, for an interview on Thursday, 18th February, 2021. During the interview, Zhao expressly spoke about Elon Musk and his unending enthusiasm and support from meme coin i.e. Dogecoin. Zhao stated that he was shocked to see how Musk had deliberately supported Dogecoin, though he did not own any of them. He said that the digital world provides an open place for everyone and that is the beauty of the free world.

When Musk came to know Zhao’s comments he immediately responded back in a Twitter message. He stated that Tesla’s decision of Bitcoin investment wasn’t his own alone and the credit shouldn’t be given to him alone. It was a majority decision which was duly taken by all the members of the Board of Directors of Tesla, he suggested. He added that in his personal opinion those who are holding Bitcoin are less dumb than those who are stacking cash instead.

Musk also stated expressly that by profession he is an engineer and investing is more like a hobby. He said that the only stocks available to him are that of Tesla and nothing else.

It was suggested that Musk’s remarks/statements were rather a two-edged sword as they meant to mock Peter Schiff. Must further stated that when fiat shows negative interest then only those will look elsewhere who have conscious minds.

A few days ago, Peter Schiff was seen bashing Bitcoin and those who were investing in cryptocurrencies. He wasn’t even hesitant to criticize Elon Musk and the investment of Tesla into Bitcoin. He also stressed that gold is still a better option than Bitcoin and suggested that the Bitcoin surge is only temporary.

Both were later on found replying to each other on Twitter whey they both agitated their viewpoints by mocking each other. Most of the time it was Musk whose tweets were liked by the majority of people. However, Schiff also did not leave the ground and continued to give his thoughts. But the war of words came to a temporary end when Schiff invited Musk to have a one-on-one debate in the Clubhouse. Has Musk run? Only the time will tell.

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