Critic tells Elon Musk why getting paid in Bitcoin is illogical
Gold advocate Peter Schiff recently advised Tesla’s Elon Musk about buying and selling Bitcoin. As expected, longtime Bitcoin critic told Elon Musk that accepting the digital asset as payment “makes no sense” to him. In a Tweet posted on 10 January Schiff stated:
That [accepting Bitcoin as payment] makes no sense. If you want to buy Bitcoin do so on your own timing not some else’s. That way you can buy Bitcoin when you think it’s a good price to buy, not when someone else decides that it’s a good price to sell?
Schiff tweeted the aforementioned response after Elon Musk replied to author Ben Mezrich, of “Bitcoin Billionaires” and “The Accidental Billionaires”. Mezrich earlier said that he would never turn down an opportunity of “getting paid in Bitcoin again.”
The Tesla CEO who recently became the richest man in the world agreed with the decision.
— Elon Musk (@elonmusk) January 9, 2021
However, Schiff appeared to maintain his opinion on the popular crypto. Lately, the gold bug has been very vocal against Bitcoin in particular. He recently said that an “asset that drops 28% over a weekend was not a safe-haven, a store of value, or a viable hedge against inflation” and added:
If you want to gamble on Bitcoin, buy Bitcoin. But if you want to hedge against inflation buy gold.
Additionally, Schiff thinks that the problem with people buying Bitcoin is because of their perception of the crypto as a store of value or that they are “buying digital gold” and said:
They’re just buying the latest iteration of fool’s gold.
Within the crypto ecosystem, some consider Bitcoin an “apex predator of money,” as well as “a precursor to the extinction of gold. Others predicted that BTC is “more likely to eclipse” gold’s market cap “before the 2030s.” Recently, Morgan Creek Digital’s Anthony Pompliano noted that to date, no single digital product, especially with a smaller market cap, has been predicted to replace gold.