“Bitcoin is a commodity, not a security”

Microstrategy executive and vocal Bitcoin supporter Michael Saylor has slammed back Gold Fund chief executive officer and Austrian economist Peter Schiff for claiming the crypto enthusiast “had a lot more to gain [from] Pump Crypto as Kim [Kardashian].”

It wasn’t just tech billionaire Elon Musk who caused a stir on Twitter earlier this week for championing peace in Eastern Europe and announcing his renewed interest in buying the microblogging platform. Schiff and Saylor also made headlines for their tweet exchange.

It all started when Schiff questioned the Securities and Exchange Commission (SEC) about the fine imposed on American media personality Kim Kardashian. He suggested the regulator should instead devote its energies to “real pumpers” and tagged Microstrategy’s executive. Schiff also tagged American news channel CNBC, accusing the media outlet of “continuously pumping bitcoin.”

“SEC fines @KimKardashian $1.2M for pumping #crypto. What about the real pumpers? @Saylor had a lot more to gain pumping crypto than Kim. Or @CNBC paid millions for crypto company ads and then pumped #Bitcoin non-stop while providing airtime to industry pumps?” Schiff wrote in his tweet.

Saylor responded to Schiff’s critical tweet, noting, “#Bitcoin is a commodity, not a security. Endorsing a commodity is similar to promoting steel, aluminium, concrete, glass or granite. The BTC network is an open protocol that offers useful benefits similar to those of bitcoin road, rail, radio, telephone, television, internet or English.”

It wasn’t the first time Schiff had spoken negatively about Saylor. Gold Fund’s CEO mentioned last year that Saylor’s interest in accumulating more BTC “makes no sense.” He even said in another tweet that Microstrategy’s manager was “really crazy” and that he was “doing acts of desperation to keep Bitcoin from crashing.”

While Saylor is a Bitcoin maximalist, Schiff is a big gold believer. And as Bitcoin slowly becomes a threat to gold in terms of storage value, Schiff always makes it a point to criticize the crypto asset and the crypto industry as a whole.

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Fry Electronics Team

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