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Peter Schiff: Buying Bitcoin is Gambling, Not Investing

CryptocurrencyMay 17, 2021 05:00AM ET
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Peter Schiff: Buying Bitcoin is Gambling, Not Investing

  • Euro Pacific Capital CEO Peter Schiff tweeted that buying Bitcoin is gambling.
  • He refers to Elon Musk’s recent announcement of Tesla (NASDAQ:TSLA) not accepting BTC payments.
  • Bitcoin touched a new low this week, valued at approximately $44,295.
American millionaire and CEO of Euro Pacific Capital, Peter Schiff, has shaken the Twitter space with the following tweet:

He refers to Tesla CEO Elon Musk’s recent pull-back from Bitcoin, after calling it a non-eco-friendly crypto. To clarify, this is in conflict with the electric car company’s own ideology. Further, he added that Tesla and BTC cannot work together at the cost of the environment. In addition to that, the tweet clearly stated that BTC will no longer be accepted as a payment method for buying Tesla cars and that the company was looking at other options.

The action took place after months of Elon Musk’s championing of crypto and Bitcoin. Many believe that since he was the first of major company owners who took interest in the top crypto, he became a direct influencer for its price. As in this case, his backout may be a major factor causing its dip.

Schiff, in a response to this, noted that Bitcoin’s price changes can be influenced by “a one-word tweet”. He said that this implies that buying Bitcoin is gambling and not investing.

Many Twitter users replied to Schiff’s post. Moreover, one user pointed out that the dip in BTC’s value happened because the currency corrects itself regularly in the market. He added that Elon Musk had nothing to do with it.

Still, Bitcoin’s value continues to fall lower. It fell by more than 24% this week, with its value touching $44,295. for the first time since February 2021.

This article was first published on coinquora.com

Continue reading on CoinQuora

Peter Schiff: Buying Bitcoin is Gambling, Not Investing
 

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