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Peter Schiff, screenshot from his site

Peter Schiff Embarrasses Himself Discussing Kim Kardashian, Accuses M. Saylor

Eduardo Próspero
by Eduardo Próspero
3 years ago
·
Posted in Altcoin News, Bitcoin, Bitcoin Education
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

This might be Peter Schiff’s weirdest take, and the man’s got a few. While commenting on Kim Kardashian’s recent deal with the SEC, the gold bug fired at “the real pumpers”… Michael Saylor? and… CNBC? Did Peter Schiff and his team even do basic research about Kim Kardashian’s case? Or is he playing dumb, attacking his perceived enemies, and muddying the waters? For Peter Schiff’s sake let’s hope it’s the second option, because what he wrote was downright embarrassing. 

The SEC is fining @KimKardashian $1.2 million for pumping #crypto. What about the real pumpers? @Saylor had much more to gain pumping crypto than Kim. Or @CNBC paid millions for ads by crypto companies, then pumping #Bitcoin non-stop while providing industry pumpers with airtime?

— Peter Schiff (@PeterSchiff) October 3, 2022

Peter Schiff’s exact words were: “The SEC is fining Kim Kardashian $1.2 million for pumping crypto. What about the real pumpers? Saylor had much more to gain pumping crypto than Kim. Or CNBC paid millions for ads by crypto companies, then pumping Bitcoin non-stop while providing industry pumpers with airtime?” Wow. When newcomers to the space mix bitcoin and crypto, it’s often an honest mistake. Peter Schiff, however, writes about bitcoin every day of his life. Could he be this out of the loop? Or does he have a hidden agenda?

What Is Peter Schiff Even Talking About?

First of all, Kim Kardashian did settle with the SEC for $1.2 million. The accusation was specifically about an alleged scam called EthereumMax. Apparently, she didn’t disclose the payment she got for the promotion. According to our coverage, Kim K “agreed to pay $1.26 million in penalties, including her promotional payment for EthereumMax. In addition, the socialite agreed to stop promoting “crypto securities” for the coming three years and to cooperate with the SEC’s ongoing investigation.”

Related Reading: Gold Bull Peter Schiff Calls Bitcoin the “Biggest” Bubble He’s Ever Seen

That’s the case in a nutshell. It has nothing to do with bitcoin or Saylor. And you can be sure that CNBC discloses all of the payments they get for crypto ads. So, what is Peter Schiff even talking about?

BTCUSD price chart for 10/04/2022 - TradingView

BTC price chart for 04/10/2022 on FX | Source: BTC/USD on TradingView.com

Michael Saylor Fires Back

The MicroStrategy mastermind replied with a basic lesson: “Bitcoin is a commodity, not a security. Advocating a commodity is similar to promoting steel, aluminum, concrete, glass, or granite. The BTC network is an open protocol, offering utilitarian benefits similar to roads, rails, radio, telephone, television, internet, or english.” This should be common knowledge, but it isn’t. A self-proclaimed expert like Peter Schiff should know all about it, though. It’s literally his job.

#Bitcoin is a commodity, not a security. Advocating a commodity is similar to promoting steel, aluminum, concrete, glass, or granite. The BTC network is an open protocol, offering utilitarian benefits similar to roads, rails, radio, telephone, television, internet, or english.

— Michael Saylor⚡️ (@saylor) October 3, 2022

Notice that Saylor didn’t mention gold, Peter Schiff’s bread and butter. When a Twitter user pressed him on the similarities between him shilling gold and Saylor bitcoin, Schiff responded: “My recommending gold is not the same as bitcoin owners looking to sell pumping bitcoin.  I don’t sell any gold that I own. I sell retail, then buy wholesale on behalf of customers. Also my advocacy of gold has no effect on its price.” Is he implying that Saylor sells his bitcoin and moves the market with his tweets? Because those are two lies.

My recommending #gold is not the same as bitcoin owners looking to sell pumping #bitcoin. I don't sell any gold that I own. I sell retail, then buy wholesale on behalf of customers. Also my advocacy of gold has no effect on its price

— Peter Schiff (@PeterSchiff) October 3, 2022

The fact of the matter is that bitcoin is a commodity and not a security. That’s not an opinion. That’s the SEC’s official stance on the matter.

Related Reading: Peter Schiff: Bitcoin Won’t “Even Come Close” to Its $20k High This Year

Plus, Saylor was not paid by a third party. Bitcoin is actually decentralized and doesn’t have a marketing budget, much less an owner.

Bitcoin is not crypto. And Peter Schiff should know that.

Featured Image: Peter Schiff screenshot from his site | Charts by TradingView

Michael Saylor screenshot

The name recognition that bitcoin brought to MicroStrategy can’t be bought. They “can’t really ignore us,” Saylor said. Bitcoin has been a “benefit on marketing and sales” and a “net positive” for the company. In fact, he qualifies it as “a screaming homerun for the shareholders.”

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Eduardo Próspero

Eduardo Próspero

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Eduardo Prospero is an author, a content writer, and a professional rapper. A Bitcoin maximalist in disguise. Working on a Bitcoin book. Beware of my Telegram impersonator!

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