How did Elon Musk help Bitcoin in 2021?

Peter Schiff is an internationally recognized economist and strategist. The cryptoskeptic believes Elon Musk played a key role in driving bitcoin (BTC) to $70,000 in 2021. Find out how the Tesla boss would have managed to achieve such a feat back then.

Elon Musk causes BTC to rise with just a photo

Peter Schiff made an interesting point about the rise of BTC in 2021. He said the crypto managed to climb to $70,000 thanks to a post from Elon Musk. This last one is a photo published in 2020 at a time when BTC was trading around $10,000. At the time, the Tesla boss posted a tweet noting one person’s inability to decide whether or not to invest in cheap crypto.

For the cryptosceptic strategist, it’s funny to see Elon Musk posting the same photo now that BTC is trading around $16,000. In addition, on November 18, 2022, Schiff declared on Twitter : “Bitcoin is only down 1% today. The Grayscale Bitcoin Trust is down 7%. […] Maybe GBTC lost some, or most of its bitcoins. The market indicates a major problem. It’s not good for bitcoin“.

Grayscale in turmoil

That said, Schiff has a habit of mocking bitcoin’s price performance (BTC) in the market. He often compares crypto to gold, indicating that the latter is more valuable. It must be said that lately gold has had an easier time than bitcoin maintaining a positive value on the market. The flagship crypto has also bottomed out this year.

For Peter Schiff, bitcoin has no intrinsic value

The least we can say is that Peter Schiff is not a fan of crypto, let alone bitcoin (BTC). He demonstrated this well during an interview in June 2022. He then declared: “You can’t do anything with bitcoin except hold it“.

Lately, the strategist reaffirmed his stance on BTC. He said the crypto is doomed, pointing out that it lacks intrinsic value. According to him, it cannot be a store of value or have a use in the real world.

Peter Schiff attacks BTC

For Peter Schiff, bitcoin has no real use for humanity, unlike cryptos such as Ethereum. Indeed, the strategist maintains that with its ecosystem, the latter could succeed in making a place for itself in the market.

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Luc Jose Adjinacou avatar
Luc Jose Adjinacou

Far from having dampened my enthusiasm, an unsuccessful investment in a cryptocurrency in 2017 only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.

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