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Peter Schiff says govt should not regulate Bitcoin; criticizes Elon Musk

Peter Schiff, chairman of Schiffgold and long-time Bitcoin critic thinks that US government should not regulate Bitcoin. In his latest tweet, Schiff also stated that he was not against people buying or even trying to use Bitcoin as a store of “value” or medium of exchange. However, he quickly added that the cryptocurrency will not work and that hodlers will eventually “lose a lot of money.”

In an earlier tweet, Schiff addressed people on social media criticizing him “for being against Bitcoin.” and claimed that these were the same people who happened to criticize Schiff for being against the Minimum Wage, however, he believed:

To date, Peter Schiff maintains his stance on Gold and noted that it is “used as a metal and a store of value.” But according to the gold bug, Bitcoin cannot be a store of value unless it is “used as money, as gold once was.”

Schiff, who has called BTC a bubble as well as a Pyramid scheme even compared the Bitcoin market to Tesla’s shares, which rose “7x in 2020” with Schiff stating:

Yet again, the critic tagged Tesla CEO Elon Musk and said that he may be “helping sustain the Bitcoin bubble” and that Musk did not want “bubbles to start popping.”

Musk recently revealed that he was now a BTC supporter and stated that “Bitcoin is a good thing.” Musk’s earlier mention of Bitcoin on his Twitter profile, coupled with the GME stock rise, increased the asset’s prices, recently. A month after the crypto’s record-breaking surge to the $34,000-mark this year, Bitcoin is now trading at $33,475, after facing a volatile few weeks.

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Crypto Stats

CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin47,847 1.44 % 5.98 % 7.51 %
Ethereum1,542.6 1.40 % 5.35 % 20.43 %
Cardano1.160 2.64 % 4.92 % 27.43 %
Binance Coin232.67 2.12 % 8.59 % 19.61 %
Tether0.9949 0.63 % 1.06 % 0.54 %
Polkadot32.74 3.51 % 4.67 % 5.07 %
XRP0.4421 1.15 % 6.20 % 17.21 %
Litecoin177.96 0.31 % 11.51 % 21.72 %
Chainlink26.37 1.17 % 6.11 % 18.86 %
Bitcoin Cash494.32 0.43 % 9.20 % 29.90 %