Oct 5, 2022 at 07:18An American stock broker and gold advocate Peter Schiff criticized MicroStrategy ex-CEO Michael Saylor and CNBC for advertising Bitcoin, accusing them of pumping the coin. His comment is fascinating given that the SEC recently fined model Kim Kardashian for illegally dumping EthereumMax (EMAX) coins.
The real pumpers
To remind you, the model was fined $1.2M, but according to Peter Schiff, this is not entirely fair because other influencers made even more money from pumping coins, and they got away with it. In particular, the broker highlighted former Microstrategy CEO Michael Saylor and CNBC. As a reminder, the latter received millions for advertising cryptocurrencies and later pumped bitcoin by giving industry participants airtime.
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
The brand new newsletter with insights, market analysis and daily opportunities.
Let’s grow together!
Saylor noted that Bitcoin is not a commodity but security, and its promotion is as legal as advertising “steel, aluminum, concrete, glass or granite.” He added that the BTC network is an open protocol, offering practical benefits similar to roads, rails, radio, telephone, television, internet, or English.
#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
Is Bitcoin a commodity, or not?
Blockstream co-founder and CEO Adam Back agreed with Saylor’s opinion, who pointed out that the SEC had previously recognized BTC as a security under the Howey test (a test to determine whether a financial transaction means investing in security). The businessman explained that Bitcoin is more like digital gold than security. Saylor can talk about it in the same way that standard asset enthusiasts can talk about physical gold.
#bitcoin is like digital gold, not a security. @saylor can talk about BTC, same as you’ve been talking about gold for decades. Notice the Kardashian touted token is considered by regulators as a security, where the typical test in the US at least, is the howey test.
— Adam Back (@adam3us) October 4, 2022
Schiff doesn’t think regulators correctly classified BTC because the coin “doesn’t have a single characteristic of a real commodity,” ending up criticizing Bitcoin again, which is nothing new on his part.
The markets are now starting to price in the #Fed pivot and #Bitcoin can’t even hold a rally above $20k. In contrast, #gold is up 6%, #silver is up 15%, and the $GDXJ is up 24%. Bitcoin is done. It’s not an #inflation hedge and won’t rally with gold when the #Fed folds.
— Peter Schiff (@PeterSchiff) October 4, 2022
However, no matter what keeps spinning, regulators are ready to recognize Ethereum as a commodity finally. Schiff says the SEC has the last word. One way or another, the planet called Crypto keeps spinning, and regulators are ready to finally recognize Ethereum as a commodity as well.
9
