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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.”
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?
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.
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.
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
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.”
