- Economist Peter Schiff alleges that Michael Saylor is a BTC pumper.
- Schiff also takes a dig at CNBC for promoting crypto ads.
- The allegations come after the SEC charged Kim Kardashian $1.2 million for pumping EMAX.
As the crypto community is slowly winding up from the news about the SEC charging Kim Kardashian, a new allegation has popped up. In one of his recent tweets, chief economist and global strategist Peter Schiff speaks about the SEC and the Kim Kardashian incident.
In his tweet, he took a dig at Michael Saylor, the founder of MicroStrategy. He also went after CNBC for its crypto company promotions.
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
He addressed in his tweet that Saylor had much to gain from pumping crypto, much more than Kim Kardashian. Schiff also stated that CNBC is making millions from paid promotions by crypto firms.
However, Saylor didn’t keep silent about this allegation. He replied to Schiff’s tweet, stating that Bitcoin is a commodity rather than a security. Saylor also stated that promoting BTC is like promoting steel, aluminum, concrete, glass, or granite.
#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
Saylor also addressed that the BTC network is an open protocol that offers utilitarian benefits similar to those of roads, rails, the internet, etc. The back-and-forth talks come amidst a time when Kim Kardashian was fined by the SEC an amount of $1.2 million.
The whole charge is over the promotion of the EthereumMax token. Kardashian allegedly received $250,000 for promoting the crypto on her Instagram. EMAX was also promoted by boxer Floyd Mayweather Jr. and basketball player Paul Pierce.
The creators of EMAX and the celebrity promoters were charged with a lawsuit earlier this year. Kim’s lawyer stated that she is pleased to resolve the issue with the SEC.
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