Has Elon Musk Turned His Back On Bitcoin? Peter Schiff Spills All!

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Peter Schiff, a prominent American economist, is not the biggest supporter of cryptocurrencies. The famous stock dealer is credited with foretelling the financial disaster of 2008. He’s famous for his work as a radio host and financial pundit, and he’s written a number of books on the subject.

However, not all of his analysis or forecasts have been necessarily accurate, and he has been widely criticized for his controversial stance on cryptocurrencies. Recently, an American economist stated that the fact that Bitcoin, the largest cryptocurrency in the world, declined along with financial assets does not indicate that it will climb when those markets reverse.

Peter Schiff’s Observation About Elon Musk

On the 22nd of December, Peter Schiff shared his most recent observation regarding Elon Musk, the obscenely wealthy owner of Twitter. He pointed out that Musk is following the prominent Silver advocate Wall Street Silver. 

Schiff concludes that this indicates Musk may be looking to diversify his assets away from the volatile cryptocurrency market by purchasing ‘real assets’. However, then again, Schiff was never a fan of crypto.

He has said before that:

“The truth is the real success of Bitcoin rests on more people buying it. If you own it, you need to get many of your friends or colleagues to buy it because that’s the only way its prices go up.”

Moreover, he emphasized that it is not a dividend-paying stock, interest-bearing bond, or rent-generating piece of real estate. It’s not like oil, which can be used to produce useful products, like electricity.

Schiff has also predicted that Bitcoin and Ether would experience more declines, resulting in a global crypto market valuation of $800 billion. No one, he warned, should buy the current slump, as doing so would only result in further losses.

His assessment of Elon Musk may or may not be accurate. Musk’s Tesla has sold a sizable portion of its Bitcoin holdings, an investment that was crucial to the mainstream acceptance of the world’s most popular digital currency. The manufacturer of electric vehicles has reportedly liquidated roughly 75% of its cryptocurrency tokens.

Conclusion

Musk has not provided any evidence to support such a far-fetched interpretation. Matter of fact, he has integrated BTC and ETH price indexes into Twitter’s search tool so that whenever you search for them, their current prices show up.

Again, not everything Schiff has predicted has come to pass. Moreover, it’s not a good idea to extrapolate from the tweets of someone who doesn’t like crypto.