Peter Schiff Denies Companies Selling Gold for Bitcoin

Gold bug and perpetual bitcoin opponent Peter Schiff denies that companies are selling gold in order to buy more BTC.

In a tweet published December 11, Schiff attacked reports of public companies offloading physical gold in order to buy more digital assets. He called the report a “gimmick” of bitcoin marketing and said the few companies buying bitcoin were using assets other than gold.

The latest #Bitcoin marketing gimmick is that lots of private and public companies are trading in their #gold and accumulating Bitcoin as their preferred store of value. Those few companies that are buying Bitcoin did not do so by selling their gold. Bitcoin is not the new gold.

— Peter Schiff (@PeterSchiff) December 11, 2020

Earlier in the month, Schiff attacked Grayscale Investments for fueling the “bitcoin bubble” through its BTC Trust fund. The gold bug also criticized CNBC’s coverage of crypto-assets, accusing the outlet of running “non-stop ads” pushing bitcoin on investors and only featuring pro-bitcoin guests.

Here is how the Grayscale Trust helps fuel the #Bitcoin bubble. First Grayscale spends lots of money on @CNBC running non-stop ads pumping Bitcoin to investors. CNBC then returns the favor by constantly featuring pro-Bitcoin guests on air, who make pie-in-the-sky price forecasts.

— Peter Schiff (@PeterSchiff) December 2, 2020

In a tweet published December 13, Schiff took aim at MicroStrategy’s founder Michael Saylor for alluding to the purchase of $650 million in additional bitcoin.

According to Schiff, Saylor’s announcement will drive the price of BTC higher prematurely, forcing shareholders to pay the price difference.

Since @michael_saylor made the mistake of publicly announcing his $650 million Bitcoin buy in advance, traders can buy first, pushing up the price of #Bitcoin now so they can sell later at a higher price, potentially leaving Mircrostrategy shareholders as the ultimate bagholders.

— Peter Schiff (@PeterSchiff) December 13, 2020

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