Peter Schiff: Elon Musk Buys Bitcoin To Protect Against Tesla Bubble
Last Updated on 23 March 2021 by CryptoTips.eu
Michael Lewis, author of The Big Short, The Blind Side, Boomerang, The Fifth Risk and Moneyball, knows how to tell a good story. Whether it is sports, trading or government institutions, the pages and text captivate you and Hollywood is always round the corner to check if they can turn it into a successful movie.
CNBC anchors asking if tesla buying BTC is the top đđ
— icebergy âď¸ (@icebergy_) February 8, 2021
To explain what is currently happening to classic finance and media as they respond to Bitcoin and Tesla, we must turn to a scene from Moneyball, where Oakland As manager Billy Bean (played by Brad Pitt in the movie) gets explained by the Boston Red Sox owner why it was so hard to start something revolutionary.
First guy through the wall, it always gets bloody. Itâs the threat of not just the way of doing business, but really what it is threatening is their livelihoods, itâs threatening their jobs. Every time that happens, the people who have their hand on the switch, they go batshit crazy
As such, you can expect classic media (CNBC, the Financial Times) and crypto haters (Peter Schiff, Nouriel Roubini, Paul Krugman), to react with disgust over the Tesla Bitcoin marriage of yesterday, which marks the start of a possible revolution. Editorials will be written convincing you that regulators will strike this down, or that it is just another bubble.
Be warned.
Two bubbles
Right off the bat was Peter Schiff, who is the second most followed crypto influencer. That is quite a feat for someone who touts gold and claims Bitcoin is a bubble, but any comment on his tweets is always from the cryptosphere who cannot wait to egg him on.
Though Tesla's SEC filing also authorizes the purchase of #gold, no purchases were disclosed, and my guess is that none are actually contemplated. @elonmusk has no interest in a store of value or an inflation hedge. His goal is to pump more air into the #Bitcoin & #Tesla bubbles.
— Peter Schiff (@PeterSchiff) February 8, 2021
Yesterday he claimed that Musk was simply investing in Bitcoin to protect against a Tesla stock bubble, just as he had touted before that Muskâs Dogecoin comments were simply aimed at inflating the price of Dogecoin.
Schiff said:
As a reminder I did acknowledge the possibility that Elon Musk had already bought Bitcoin based on his heavy pumping. However, I still believe his primary motivation to pump the Bitcoin bubble is out of solidarity with his own bubble in Tesla. Two bubbles are stronger than one.
As a reminder I did acknowledge the possibility that @elonmusk had already bought #Bitcoin based on his heavy pumping. However, I still believe his primary motivation to pump the Bitcoin bubble is out of solidarity with his own bubble in #Tesla. Two bubbles are stronger than one. https://t.co/O7UE1Pb313
— Peter Schiff (@PeterSchiff) February 8, 2021
Second one was CNBC, who asked yesterday whether Tesla investing in Bitcoin meant that Satoshi Nakamotoâs coin had reached a possible top at $44k.
Bitcoin reacted by reaching $47k overnight, and the price is now trading at almost $48,000.
velishchuk1 / Depositphotos.com
