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- Chris Blec stated that Michael Saylor had used Peter Schiff’s argument against Bitcoin to speak against gold.
- Saylor commented that gold is Bitcoin’s enemy and the community’s focus should shift to the US dollar.
- Blec argued that Saylor has been praising the expansion of fiat.
The decentralized finance researcher and analyst Chris Blec argued that Michael Saylor, the CEO of the business intelligence company MicroStrategy, has used the same arguments put forward by the economist Peter Schiff against Bitcoin, while the former posited statements against gold.
Notably, Blec commented, referring to Saylor’s “retorted rant” about the leading cryptocurrency Bitcoin, that his words seem to be “praising the expansion of fiat.” Blec also added that the MicroStrategy CEO expects the success of the digital dollars. In the early hours of April 5, Blec shared a Twitter thread, commenting that Saylor has “lost his marbles”:
I think this guy @saylor has lost his marbles.He's using the same exact arguments against gold that @PeterSchiff would use against Bitcoin.AND he's praising the expansion of fiat.. and it almost sounds like he's HOPING for CBDC/digital dollar. https://t.co/NtINN7nBxe— Chris Blec (@ChrisBlec) April 5, 2023
Significantly, the crypto investor Gégé LSMR shared a video clip in which Saylor asserts that “gold is the enemy of Bitcoin.” Saylor stated:
Gold is being demonitized…it doesn’t have a country. It doesn’t have an army. It doesn’t collect taxes…Gold is the enemy.
Interstingly, Saylor advised that the Bitcoin community could develop further only when the focus is shifted from gold as gold cannot be used as a mortgage or even it cannot be rented; gold can neither be developed nor licensed. Furthermore, he advocated that the US dollar should succeed and grow if you believe in western values, freedom, justice and the progressive movement.
Earlier, Schiff explained why he doesn’t believe in cryptocurrency, stating that it’s not guaranteed by anything other than people buying it.
The truth is the real success of Bitcoin rests on more people buying it… It’s just a hype machine… If Bitcoin will still be here in the next 20 to 50 years, it only means more people are gonna lose money. That’s because when more people pile into it, this means the bubble gets bigger and bigger. Then, there are a lot more losses when it pops.
As per the words of Blec, Saylor has been arguing against the inaccuracy of gold as a stable and secured asset, just like Schiff raised his voice against the security of Bitcoins.
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