Saturday, December 3, 2022
HomeBTCMichael Saylor responds to Peter Schiff's pumping Bitcoin accusations

Michael Saylor responds to Peter Schiff’s pumping Bitcoin accusations

The fact that the United States Securities and Exchange Commission (SEC) levied a fine of $1.26 million on reality star Kim Kardashian delivers a significant message about the regulator’s commitment on clamping down on the shadier areas of the cryptocurrency sector.

Many people in the community reacted in surprise, while others said that Kardashian was an easy target, and that the SEC should have instead focused their attention on the people who created EMAX. On the other side, Peter Schiff presented an interpretation of the situation that was a little out there.

According to the CEO of Schiff Gold Fund and an Austrian economist, Kim Kardashian was penalised unjustly, and the watchdogs should have focused their attention on MicroStrategy’s executive chairman and co-founder, Michael Saylor. Instead, they chose to go after Kardashian. Even more damning, Schiff said that he was pushing crypto more than the socialite.

Schiff, who happens to be a gold bug, makes it a habit of making negative comments about Bitcoin and crypto in general. Saylor was quick to respond to his claims, emphasising that Bitcoin is not a security but rather a commodity rather than a financial instrument.

Schiff has made outlandish remarks in the past, so this isn’t the first time he’s done so. Saylor’s plan to continue purchasing more and more bitcoins was criticised by a person who works full-time to undermine bitcoin and they stated it “makes no sense” last year. In addition to this, he said that the MicroStrategy executive had acquired the business for the sole purpose of preventing it from collapsing, rather than doing anything constructive for the benefit of shareholders and investors.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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