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Elon Musk rips on crypto critic Peter Schiff about Bitcoin

Tesla CEO Elon Musk has disagreed with gold bull and Bitcoin critic Peter Schiff about the use case of Bitcoin and “data” driven currency.

Elon Musk’s Tesla bought into Bitcoin with a $1.5 billion USD investment. While Musk hasn’t confirmed that he himself has any recent Bitcoin investment personally, he does seem to have turned the table on cryptocurrency advocacy, going toe to toe with famous Bitcoin critic and gold bull Peter Schiff.

Schiff posted a tweet quoting Musk and criticizing his views on money, saying both fiat and digital currencies are nonsense:

Schiff continued to say that Musk should be able to identify the key differences between tangible features and “a string of numbers” implying that gold has more functional use as a currency than digital currencies. He also offered:

Money isn’t data. Data can represent money but can’t replace it. Money improved barter, gold improved money, and data improved #gold. Bitcoin is a return to barter.”

“Money is data to avoid the inconvenience of barter”

To this, Musk responded:

Musk, however, did add an extra tweet saying:

That said, BTC & ETH do seem high lol

As pointed out by Binance CEO Chaopeng CZ Zhao, Musk made the same comments about Tesla stocks when they shot up: “Lol, you said this about TESLA stock, before it went through the roof.”

Posted: Feb 21, 2021 Author: Becky Categories: Coin News