Monday, May 10, 2021

Elon Musk Tells Peter Schiff That BTC and ETH Are High, Says He Could Diversify His Portfolio with Crypto

Elon Musk, the CEO of the electric car company, Tesla, has a couple of hours ago showcased the attribute of a true Bitcoiner after giving the popular gold maximalist Peter Schiff a well-deserved answer in a conversation initiated by the latter on Twitter.

In a tweet on 19th February, Peter Schiff referred to Bitcoin (BTC) as a flawed currency, though still better than fiats. The tweet was simply meant to criticize Elon Musk’s stance on the flagship cryptocurrency, which led to the whopping purchase recently announced by Tesla.

Read Also: JP Morgan Says Bitcoin Is Poised to Triple Its Price as BTC Challenges Gold’s Status

Peter Schiff tweeted, “According to Elon Musk “Bitcoin is almost as BS as fiat money.” So Musk regards both Bitcoin and fiat as BS. I agree, I just think Bitcoin, which is digital fiat, is even more BS than the paper fiat issued by central banks. Gold is not BS. It’s real money and better than both!”

Doing what he knows best, Schiff continues his criticism in another tweet:

“As an engineer you should know the distinction between a tangible element and a mathematical string of numbers is huge. Gold doesn’t need miners to power its existence, the laws of physics do that. Gold provides owners with optionality: use, improve, or hold. Bitcoin does not.”

Elon Musk Reminds Peter Schiff of the Current State of BTC and ETH

In response to Peter Schiff’s points, Tesla’s Elon Musk stated that the gold maximalist could also diversify his portfolio with cryptocurrency, stating that “money is just data that allows us to avoid the inconvenience of barter.”

“An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”

Read Also: JP Morgan Says Bitcoin Is Poised to Triple Its Price as BTC Challenges Gold’s Status

In the same thread of tweets, Tesla’s founder reminded Peter Schiff of the current price trend of the two largest cryptocurrencies in the market, Bitcoin (BTC) and Ethereum (ETH).

“That said, BTC & ETH do seem high lol.”

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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