The CEO of Tesla and SpaceX, Elon Musk has reacted to the recent harangue against Bitcoin by Peter Schiff, a renowned critic of the crypto asset. According to Musk, there is every possibility that Schiff is hodling Bitcoin but he is keeping this away from the world.
Elon Musk in a recent tweet described Bitcoin as a less dumb form of liquidity in the current economic situation largely due to the fact that the Dollars is losing value. He added that the authorities actions in printing more fiat currency puts the dollars at a disadvantage against cryptocurrencies like BTC.
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.
— Elon Musk (@elonmusk) February 20, 2021
While Musk had offered that explanation following the announcement of Tesla’s $1.5 billion investment in BTC;Peter Schiff, who had gained notoriety for criticism of Bitcoin posited that Musk believes that Bitcoin and Fiat currencies are rubbish.
In reaction to Schiff’s statement, the Tesla CEO alleged that Schiff could own Bitcoin. This is because Schiff has a propensity to talk about the leading crypto asset at every opportunity and this has made some crypto enthusiasts to actually think he is hiding behind the toga of a crypto critic. Other critics of the asset, like Nouriel Roubini, leading US economist, do not talk about the asset as much as Schiff does.
Peter Schiff, the CEO of The Euro Pacific Capital explained what he thinks distinguishes fiat currencies and Bitcoin. To him, fiat currencies are authorized for tax payment and as a legal tender, Bitcoin is just a “digital token people collect and trade.”
