{"id":68110,"date":"2022-10-05T10:35:38","date_gmt":"2022-10-05T07:35:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68110"},"modified":"2025-09-07T12:18:33","modified_gmt":"2025-09-07T09:18:33","slug":"peter-schiff-accuses-michael-saylor-of-bitcoin-pumping","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/peter-schiff-accuses-michael-saylor-of-bitcoin-pumping\/","title":{"rendered":"Peter Schiff accuses Michael Saylor of Bitcoin pumping"},"content":{"rendered":"<p>The <a href=\"https:\/\/u1f987.com\/en\/news\/michael-saylor-to-step-down-as-microstrategy-ceo\">former<\/a> CEO MicroStrategy Michael Saylor and CNBC have come under fire from a gold bug for promoting Bitcoin, with Schiff accusing them of pumping the first cryptocurrency.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">The SEC is fining <a href=\"https:\/\/twitter.com\/KimKardashian?ref_src=twsrc%5Etfw\">@KimKardashian<\/a> $1.2 million for pumping <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#crypto<\/a>. What about the real pumpers? <a href=\"https:\/\/twitter.com\/saylor?ref_src=twsrc%5Etfw\">@Saylor<\/a> had much more to gain pumping crypto than Kim. Or <a href=\"https:\/\/twitter.com\/CNBC?ref_src=twsrc%5Etfw\">@CNBC<\/a> paid millions for ads by crypto companies, then pumping <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> non-stop while providing industry pumpers with airtime?<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1576914306641559558?ref_src=twsrc%5Etfw\">October 3, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Investors note that the US Securities and Exchange Commission (SEC) recently <a href=\"https:\/\/u1f987.com\/en\/news\/sec-accuses-kim-kardashian-of-illegal-promotion-of-ethereummax\">fined Kim Kardashian<\/a> for illegally promoting the EthereumMax altcoin (EMAX).<\/p>\n<p>In Schiff&#8217;s view, regulators should focus on entirely different influencers.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThe SEC fined Kardashian $1.2 million for pumping cryptocurrency. What about real \u201cpumpers\u201d? Saylor stood to gain far more from pumping crypto than Kim. Or CNBC, which was paid millions for advertising crypto companies? And then he pumped Bitcoin nonstop, giving industry players airtime\u00bb, \u2014 Schiff wrote.<\/p>\n<\/blockquote>\n<p>Saylor countered that Bitcoin is a commodity, not a security, and that its promotion is as legal as promoting \u201csteel, aluminium, concrete, glass, or granite\u201d.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> 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, the Internet, or english.<\/p>\n<p>\u2014 Michael Saylor\u26a1\ufe0f (@saylor) <a href=\"https:\/\/twitter.com\/saylor\/status\/1576937312797138944?ref_src=twsrc%5Etfw\">October 3, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThe BTC network is an open protocol, offering utilitarian benefits, similar to highways, railways, radio, telephone, television, the Internet, or the English language\u00bb, \u2014 added he.<\/p>\n<\/blockquote>\n<p>His view was supported by Blockstream co-founder and CEO Adam Back. He noted that the Kardashian-endorsed token was deemed a security by regulators under the Howey test.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abBitcoin is like digital gold, not a security. Saylor can talk about BTC the same way you have talked about physical gold for decades\u00bb, \u2014 said the critic.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is like digital gold, not a security. <a href=\"https:\/\/twitter.com\/saylor?ref_src=twsrc%5Etfw\">@saylor<\/a> can talk about BTC, same as you\u2019ve been talking about gold for decades. Notice the Kardashian touted token is considered by regulators as a security, where the typical test in the US at least, is the howey test.<\/p>\n<p>\u2014 Adam Back (@adam3us) <a href=\"https:\/\/twitter.com\/adam3us\/status\/1577275700351946753?ref_src=twsrc%5Etfw\">October 4, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Schiff questioned the regulators&#8217; classification of the first cryptocurrency, saying Bitcoin &#8220;does not possess a single characteristic of a real commodity&#8221;.<\/p>\n<p>As the discussion drew to a close, the investor returned to criticizing the first cryptocurrency:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abMarkets are starting to price in the <span data-descr=\"US Federal Reserve\" class=\"old_tooltip\">Fed<\/span> pivot, and Bitcoin can\u2019t even hold above $20,000. By contrast, gold rose 6%, silver 15%, and the VanEck Junior Gold Miners ETF up 24%. Bitcoin is done. It\u2019s not an inflation hedge and won\u2019t rally with gold when the Fed folds\u00bb,<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">The markets are now starting to price in the <a href=\"https:\/\/twitter.com\/hashtag\/Fed?src=hash&#038;ref_src=twsrc%5Etfw\">#Fed<\/a> pivot and <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> can\u2019t even hold a rally above $20k. In contrast, <a href=\"https:\/\/twitter.com\/hashtag\/gold?src=hash&#038;ref_src=twsrc%5Etfw\">#gold<\/a> is up 6%, <a href=\"https:\/\/twitter.com\/hashtag\/silver?src=hash&#038;ref_src=twsrc%5Etfw\">#silver<\/a> is up 15%, and the <a href=\"https:\/\/twitter.com\/search?q=%24GDXJ&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$GDXJ<\/a> is up 24%. Bitcoin is done. It\u2019s not an <a href=\"https:\/\/twitter.com\/hashtag\/inflation?src=hash&#038;ref_src=twsrc%5Etfw\">#inflation<\/a> hedge and won\u2019t rally with gold when the <a href=\"https:\/\/twitter.com\/hashtag\/Fed?src=hash&#038;ref_src=twsrc%5Etfw\">#Fed<\/a> folds.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1577349587924385793?ref_src=twsrc%5Etfw\">October 4, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier in August, the investor said that Bitcoin could fall to around the <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-again-predicts-bitcoin-will-fall-to-10000\">$10,000<\/a> mark, repeating his <a href=\"https:\/\/u1f987.com\/en\/news\/peter-schiff-outlines-condition-for-bitcoin-to-fall-to-10000\">May forecast<\/a>.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Peter Schiff, a gold bug, criticized the former MicroStrategy CEO Michael Saylor and CNBC for advertising Bitcoin, accusing them of pumping the first cryptocurrency.<\/p>\n","protected":false},"author":1,"featured_media":68111,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Schiff accuses Saylor and CNBC of Bitcoin pumping.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1208,1138,1298],"class_list":["post-68110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-michael-saylor","tag-opinions","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"Schiff accuses Saylor and CNBC of Bitcoin pumping.","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=68110"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68110\/revisions"}],"predecessor-version":[{"id":68112,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68110\/revisions\/68112"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/68111"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=68110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=68110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=68110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}