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Polygon: $1.04(-6.3%) Bitcoin: $27,137.00(-3.6%) Ethereum: $1,712.08(-3.92%) Tether: $1.00(-0.19%) BNB: $308.72(-6.33%) USD Coin: $1.00(-0.21%) XRP: $0.4789(5.6%) Cardano: $0.3446(-3.75%) Dogecoin: $0.0731(-2.38%) Lido Staked Ether: $1,661.79(-6.47%) Polygon: $1.04(-6.3%) Elon Musk responds to Peter Schiff slamming crypto on Twitter
February 20, 2021
In a recent tweet, the CEO of Tesla and SpaceX, Elon Musk called Bitcoin a "less dumb form of liquidity" than cash and also added that "only a fool would look elsewhere", especially in the current economic situation when the US Dollar is losing value thanks to the continuous quantitative easing programs by the US Federal Reserve.
Vocal Bitcoin critic Peter Schiff responded to his tweet, concluding that Elon Musk believes both Bitcoin and fiat to be rubbish (BS). This led to the Tesla CEO responding to Schiff stating that he could be only pretending to be a Bitcoin hater and in reality Schiff "might as well have crypto" as gold. This assumption of Musk may have been partly caused by the fact that, as crypto community have already noticed, Schiff tweets way too often about Bitcoin for a Bitcoin hater.
In his reply, Musk defined money as just normal data that enables people to avoid any inconveniences during bartering. He also added that this data is always imperfect and subject to latency and error but crypto is likely to evolve to minimize all these drawbacks.
Elon Musk is quite active on Twitter and is often seen tweeting about a very wide range of topics which have lately started including cryptocurrencies. Musk's comment about Bitcoin being as BS as Fiat came only a week after his company made the single largest Bitcoin purchase of $1.5 billion. On top of that, Elon Musk changed his Twitter picture to a Bitcoin pic, tweeting that it is "just for a day".
The Euro Pacific Capital CEO Peter Schiff also posted a tweet in which he explained the differences that he sees between fiat currencies and digital cryptocurrencies such as Bitcoin. According to him, fiat is used widely because governments require taxes to be paid in it. He also added that paper money is "legal tender, a medium of exchange, a unit of account". And as for Bitcoin, "it's just a digital token people collect and trade. It's pure BS. The stuff governments issue is partial BS".
Vocal Bitcoin critic Peter Schiff responded to his tweet, concluding that Elon Musk believes both Bitcoin and fiat to be rubbish (BS). This led to the Tesla CEO responding to Schiff stating that he could be only pretending to be a Bitcoin hater and in reality Schiff "might as well have crypto" as gold. This assumption of Musk may have been partly caused by the fact that, as crypto community have already noticed, Schiff tweets way too often about Bitcoin for a Bitcoin hater.
In his reply, Musk defined money as just normal data that enables people to avoid any inconveniences during bartering. He also added that this data is always imperfect and subject to latency and error but crypto is likely to evolve to minimize all these drawbacks.
An email saying you have gold is not the same as having gold. You might as well have crypto.
— Elon Musk (@elonmusk) February 20, 2021
Money is just data that allows us to avoid the inconvenience of barter.
That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.
Elon Musk is quite active on Twitter and is often seen tweeting about a very wide range of topics which have lately started including cryptocurrencies. Musk's comment about Bitcoin being as BS as Fiat came only a week after his company made the single largest Bitcoin purchase of $1.5 billion. On top of that, Elon Musk changed his Twitter picture to a Bitcoin pic, tweeting that it is "just for a day".
The Euro Pacific Capital CEO Peter Schiff also posted a tweet in which he explained the differences that he sees between fiat currencies and digital cryptocurrencies such as Bitcoin. According to him, fiat is used widely because governments require taxes to be paid in it. He also added that paper money is "legal tender, a medium of exchange, a unit of account". And as for Bitcoin, "it's just a digital token people collect and trade. It's pure BS. The stuff governments issue is partial BS".