This might be Peter Schiff’s weirdest shot, and the man has a few. While discussing Kim Kardashian’s recent settlement with the SEC, the gold bug fired back at “the real firemen”…Michael Saylor? and… CNBC? Did Peter Schiff and his team do even basic research on the Kim Kardashian case? Or is he playing dumb, attacking his perceived enemies and muddying the waters? For Peter Schiff’s sake, let’s hope it’s the second option, because what he wrote was downright embarrassing.
The SEC is fining @KimKardashian $1.2 million at the pump #crypto. What about real firefighters? @Saylor he had a lot more to gain from crypto than Kim. O @CNBC paid millions for crypto company ads and then bombed #Bitcoin non-stop while giving industry firefighters air time?
— Peter Schiff (@PeterSchiff) October 3, 2022
Peter Schiff’s exact words were: “The SEC is fining Kim Kardashian $1.2 million for crypto-pumping. What about the real firefighters? Saylor had a lot more to gain from crypto than Kim. Or CNBC paid millions for crypto company ads, and then pumped Bitcoin endlessly while providing airtime to industry firefighters? Wow! When newcomers to the space mix bitcoin and crypto, it’s often an honest mistake. Peter Schiff, but he writes about bitcoin every day of his life.Could he be out of the loop?Or does he have a hidden agenda?
What is Peter Schiff talking about?
First of all, Kim Kardashian settled with the SEC for $1.2 million. The indictment was specifically about an alleged scam called EthereumMax. He apparently did not disclose the payment he received for the promotion. According to our coverage, Kim K “agreed to pay $1.26 million in penalties, including his promotional payment for EthereumMax. In addition, the public agreed to stop promoting “crypto-securities” for the next three years and cooperate with the SEC’s ongoing investigation.”
This is the case in a nutshell. It has nothing to do with bitcoin or Saylor. And you can be sure that CNBC discloses all payments they receive for crypto ads. So what is Peter Schiff talking about?
BTC price chart for 04/10/2022 on FX | Source: BTC/USD on TradingView.com
Michael Saylor shoots
The brains behind MicroStrategy answered with a basic lesson: “Bitcoin is a commodity, not a security. Advocating a commodity is akin to promoting steel, aluminum, concrete, glass, or granite. The BTC network is an open protocol that offers utilitarian benefits similar to roads, railways, radio, telephone, television, internet or English. This should be common knowledge, but it isn’t. However, a self-proclaimed expert like Peter Schiff should know everything. It’s literally his job.
#Bitcoin it is a commodity, not a security. Advocating a commodity is similar to promoting steel, aluminum, concrete, glass, or granite. The BTC network is an open protocol that offers utilitarian advantages similar to roads, railways, radio, telephone, television, internet or English.
— Michael Saylor⚡️ (@saylor) October 3, 2022
Notice that Saylor didn’t mention Peter Schiff’s bread and butter. When a Twitter user pressed him about the similarities between his gold shilling and Saylor’s bitcoin, Schiff responded: “My recommendation for gold is not the same as bitcoin owners looking to sell pumping bitcoin. No I don’t sell any gold I own. I sell retail, then buy wholesale on behalf of clients. My defense of gold has no effect on its price either.” Is he implying that Saylor is selling his bitcoin and moving the market with his tweets? Because they are two lies.
My recommendation #or it’s not the same as bitcoin owners looking to pump sell #bitcoin. I don’t sell any gold I have. I sell retail, then buy wholesale on behalf of clients. Nor does my defense of gold have any effect on its price
— Peter Schiff (@PeterSchiff) October 3, 2022
The fact is that bitcoin is a commodity and not a security. This is not an opinion. This is the SEC’s official position on the matter.
Additionally, Saylor was not paid by any third party. Bitcoin is truly decentralized and has no marketing budget, let alone an owner.
Bitcoin is not crypto. And Peter Schiff should know.
Featured Image: Peter Schiff screenshot from his site | Charts by TradingView
The name recognition that bitcoin brought to MicroStrategy cannot be bought. “They really can’t ignore us,” Saylor said. Bitcoin has been a “marketing and sales advantage” and a “net positive” for the company. In fact, he calls it “a screaming homerun for shareholders.”
