Bitcoin critic Peter Schiff blasts Elon Musk for shilling Dogecoin
Peter Schiff has come after the world’s richest man Elon Musk for shilling Dogecoin. According to the major Bitcoin critic and CEO of Euro Pacific Capital, Musk is hyping Dogecoin so that he can get in early.
Tesla’s CEO Musk has been quite vocal about Dogecoin. He recently dubbed the digital asset “the people’s crypto” – a statement that sent the price of the digital asset flying by more than 50%. Schiff is not having of it though. He is accusing Musk of pumping doge because he is late to the Bitcoin party.
While @elonmusk said he's a fan of Bitcoin he also admitted that he's late to the party. That may be why he's starting a new party in Dogecoin. The key to any Ponzi or Pyramid scheme is getting in early and not leaving late. Now #Dogecoin is better at being #Bitcoin than Bitcoin.
— Peter Schiff (@PeterSchiff) February 7, 2021
Bitcoin evangelist and investor, Anthony Pompliano, trolled Schiff in response. He laughed off Schiff’s claims that DOGE would eventually overtake Bitcoin.
LMAO @PeterSchiff is now claiming that Dogecoin is going to disrupt Bitcoin.
— Pomp 🌪 (@APompliano) February 8, 2021
You can’t make this stuff up.
Taking his arguments a step further, Schiff likened Bitcoin and Dogecoin to MySpace and Facebook, respectively. While Bitcoin may enjoy the first-mover advantage, that doesn’t necessarily guarantee its success.
But while Schiff continues to bad-mouth Bitcoin and other digital assets, the number of institutional investors seeking Bitcoin and Ethereum exposure is on the rise. Grayscale’s crypto assets under management has continued to rise and now sits at over $30 billion, an indication that investors are still thirsty for crypto offerings.