Bitcoin critic Peter Schiff and MicroStrategy's Michael Saylor faced off in a heated Twitter spat over their views on cryptocurrencies
Peter Schiffand Michael Saylorslammed each other's bitcoinviews on Monday.
- "I think everything you say to promote bitcoin is nonsense," Schiff said in a tweet to Saylor.
- The global strategist's son moved 100% of his portfolio into bitcoin earlier this year.
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Bitcoin was last trading around $45,000 on Tuesday, and is up 45% so far this year. It fell almost 13% after billionaire Elon Musk shocked the
Schiff believes gold is a far more reliable asset than cryptocurrencies. He asked Saylor, whose
Schiff criticized Saylor's promotion of the cryptocurrency, and said: "I think everything you say to promote bitcoin is nonsense. That's the debate."
Saylor hit back, saying there was no point in debating a critic who "offers nothing but fear, uncertainty, doubt, & vitriol.""The world needs strong money, and since by your own admission you have no faith in #gold, equity, bonds, & fiat, #Bitcoin wins by default," he added.
After the sell-off over the last week, the most recent price action for bitcoin shows signs of stabilization around the $45,000 price level, according to Simon Peters, cryptoasset analyst at multi-asset investment platform eToro."This means there is a possibility of buyers now stepping in to push prices up and, as we have seen before, investors waiting on the side lines are already using the sell-off we have seen to invest in cryptoassets, taking advantage of the volatility," he said.
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