{"id":108227,"date":"2021-01-12T23:10:23","date_gmt":"2021-01-12T23:10:23","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108227"},"modified":"2021-01-12T23:10:23","modified_gmt":"2021-01-12T23:10:23","slug":"critic-tells-elon-musk-why-getting-paid-in-bitcoin-is-illogical","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/critic-tells-elon-musk-why-getting-paid-in-bitcoin-is-illogical\/","title":{"rendered":"Critic tells Elon Musk why getting paid in Bitcoin is illogical"},"content":{"rendered":"

Gold advocate Peter Schiff recently advised Tesla\u2019s Elon Musk about buying and selling Bitcoin. As expected, longtime Bitcoin critic told Elon Musk that accepting the digital asset as payment \u201cmakes no sense\u201d to him. In a Tweet posted on 10 January Schiff stated:\u00a0<\/span><\/p>\n

\n

That [accepting Bitcoin as payment] makes no sense. If you want to buy Bitcoin do so on your own timing not some else’s. That way you can buy Bitcoin when you think it’s a good price to buy, not when someone else decides that it’s a good price to sell?<\/span><\/p>\n<\/blockquote>\n

Schiff tweeted the aforementioned response after Elon Musk replied to author Ben Mezrich, of “Bitcoin Billionaires” and “The Accidental Billionaires”. Mezrich earlier <\/span>said <\/span>that he would never turn down an opportunity of \u201cgetting paid in Bitcoin again.\u201d\u00a0<\/span><\/p>\n

The Tesla CEO who recently became the richest man in the world agreed with the decision.\u00a0\u00a0<\/span><\/p>\n

However, Schiff appeared to maintain his opinion on the popular crypto. Lately, the gold bug has been very vocal against Bitcoin in particular. He recently said that an \u201casset that drops 28% over a weekend was not a safe-haven, a store of value, or a viable hedge against inflation” and added:\u00a0\u00a0<\/span><\/p>\n

\n

If you want to gamble on Bitcoin, buy Bitcoin. But if you want to hedge against inflation buy gold.<\/span><\/p>\n<\/blockquote>\n

Additionally, Schiff thinks that the problem with people buying Bitcoin is because of their perception of the crypto as a store of value or that they are \u201cbuying digital gold\u201d and said:\u00a0<\/span><\/p>\n

\n

They’re just buying the latest iteration of fool’s gold.<\/span><\/p>\n<\/blockquote>\n

Within the crypto ecosystem, some <\/span>consider<\/span> Bitcoin an \u201capex predator of money,\u201d as well as \u201ca precursor to the extinction of gold. Others predicted that BTC is \u201cmore likely to eclipse\u201d gold\u2019s market cap \u201cbefore the 2030s.\u201d Recently, Morgan Creek Digital\u2019s Anthony Pompliano noted that to date, no single digital product, especially with a smaller market cap, has been predicted to replace gold.\u00a0<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Gold advocate Peter Schiff recently advised Tesla\u2019s<\/p>\n","protected":false},"author":3,"featured_media":108226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"\nCritic tells Elon Musk why getting paid in Bitcoin is illogical - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/critic-tells-elon-musk-why-getting-paid-in-bitcoin-is-illogical\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Critic tells Elon Musk why getting paid in Bitcoin is illogical - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Gold advocate Peter Schiff recently advised Tesla\u2019s\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/bitcoin\/critic-tells-elon-musk-why-getting-paid-in-bitcoin-is-illogical\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-12T23:10:23+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/ccryptafotocar-mirror-4913847_1280-1000x600-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/critic-tells-elon-musk-why-getting-paid-in-bitcoin-is-illogical\/\",\"url\":\"https:\/\/precoinnews.com\/bitcoin\/critic-tells-elon-musk-why-getting-paid-in-bitcoin-is-illogical\/\",\"name\":\"Critic tells Elon Musk why getting paid in Bitcoin is illogical - 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