Bitcoin (BTC) bull and former IT firm MicroStrategy CEO Michael Saylor got into a bit of an argument with the arch-bitcoin skeptic Peter Schiff on Twitter on Monday over the former’s support for the world’s number one crypto.
Schiff has become infamous in the world of crypto Twitter, where he regularly takes the opportunity to troll BTC advocates.
The gold bug, perhaps unsurprisingly, started this latest spat by tweeting about the US Securities and Exchange Commission (SEC)’s decision to charge the famous social media influencer Kim Kardashian – and dragging Saylor into the story.
Kardashian was charged with unlawfully advertising a “crypto security” offered and sold by EthereumMax without disclosing the payment she had received for its promotion on social media. As reported, she agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the SEC’s ongoing investigation.
Schiff, however, tweeted to his 828,800 followers: “What about the real pumpers? Saylor had much more to gain pumping crypto than Kim.”
Saylor was quick to respond. He argued that bitcoin is a commodity, not a security.
Notably, the SEC charged the influencer for promoting what the regulator deems a security – and without disclosing she had been paid to do it. Furthermore, Kardashian’s case is not connected to bitcoin.
Saylor wrote that “advocating” a commodity is similar to promoting steel or aluminium, for example – the open protocol offers “utilitarian benefits” similar to roads or telephone.
Saylor did not put Schiff’s favourite gold on his list though. As is well-known, Schiff evangelizes gold-buying as an investment strategy.
However, when another user did mention it, suggesting Schiff was touting gold, the latter argued that promoting gold is not the same as promoting bitcoin.
Meanwhile, in early September, Schiff took to Twitter once again to announce that bitcoin is a sinking ship and that it should be abandoned “before the bottom drops out.” Investors shouldn’t be fooled into thinking that BTC has reached a bottom, he claimed, adding that the range at the time was only a decoy to bring on more “suckers”.
And in an interview on October 4, Schiff stated that the crypto industry is a bubble and that the connected companies will implode.
Those who borrowed money to buy BTC will see “a big problem,” he said, adding:
“That also includes Michael Saylor at MicroStrategy. MicroStrategy took on a lot of debt to buy bitcoin, […] they’re down over a billion dollars on the bitcoin they bought with borrowed money, so this is an accident waiting to happen.”