Peter Schiff: ‘Elon Musk sent Bitcoin to $70,000 with one photo’ – BLOX

Peter Schiff: 'Elon Musk sent Bitcoin to $70,000 with one photo' - BLOX

If you’ve been around the Bitcoin industry for a while, you know that Peter Schiff is not a crypto enthusiast. Peter Schiff is a big name in the gold world, has a gold fund and regularly criticizes Bitcoin. His next claim is that Elon Musk is personally responsible for Bitcoin reaching an all-time high of nearly $70,000 in 2021.

What’s the story?

At a time when Bitcoin was worth around $10,000, Elon Musk published the above photo with a different message. At the time it was about the Bitcoin logo and of course he left out the name of Donald Trump. At the time, he wanted to make it clear that he was extremely attracted to Bitcoin.

Someone with the number of followers and therefore the power of Elon Musk has the potential to influence the market. At the time Elon Musk published the same photo in the context of Bitcoin, the entrepreneur had more than 40 million followers on Twitter.

According to Peter Schiff, that was an important reason for Bitcoin’s eventual price explosion. There’s no denying that Elon Musk’s (and later Tesla’s) interest in Bitcoin helped with Bitcoin’s upswing. On the other hand, we should not forget that not long after they bought Bitcoin, Tesla came up with a completely different statement.

Tesla and Bitcoin

In February 2021, it was announced that Tesla had purchased Bitcoin for more than one and a half billion dollars. Not long after, however, the company announced that they will no longer accept Bitcoin as a means of payment for the time being. The reason for that decision is Bitcoin’s climate impact, which the company had not given enough thought to during the investment.

Only if the mining industry runs on at least 50 percent renewable energy would Tesla reconsider that decision. In response, the Bitcoin price plummeted, because everyone thought that Tesla would also immediately sell its Bitcoin.

That did not happen during that period, but we are now more than a year later and Tesla has sold almost all Bitcoin. It now has about 10 percent left of the Bitcoin it originally bought in 2021. Tesla, and by extension Elon Musk, have thus been responsible for a sharp fall in the price of Bitcoin in 2021. For that reason, Peter’s argument goes Schiff about Elon Musk not quite finished.

Bitcoin ready for a crash

After the misery at FTX, the Bitcoin price has already lost more than 20 percent of its value. It seemed that Bitcoin held fairly steady above $20,000 until the problems with the exchange platform came to light. After that, the price plummeted and now the bulls are trading with the bears for the $ 16,000 mark.

According to Peter Schiff, it doesn’t stop there, because in the same tweet he predicts a crash of Bitcoin to at least $ 10,000. “That message from Elon Musk propelled Bitcoin from $10,000 to nearly $70,000. It is quite ironic that he uses the same photo as Bitcoin is getting ready to crash to $10,000,” said Peter Schiff.

Incidentally, this is not the first time that Peter Schiff has been negative about Bitcoin. Over the years he has called out several times that Bitcoin would go under and so far he has been wrong all the time. In the post above, he writes about Bitcoin’s COVID-19 crash of March 2020, the same year that began the bull run that took Bitcoin to $69,000.