How Elon Musk helped Bitcoin in 2021?

How Elon Musk helped Bitcoin in 2021?

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

Elon Musk causes BTC to rise with a single photo

Peter Schiff made an interesting point about the rise of BTC in 2021. He said that the crypto managed to climb to $70,000 thanks to a post by Elon Musk. This is the last one 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 to invest in cheap crypto or not.

For the cryptosceptic strategist, it is funny to see Elon Musk posting the same photo now that BTC is trading around $16,000. Additionally, on November 18, 2022, Schiff declared on Twitter : “Bitcoin is only down 1% today. The Grayscale Bitcoin Trust is down 7%. […] GBTC may have lost some, or most of its bitcoins. The market presents a major problem. It is not good with 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, showing that the latter is more valuable. It must be said that gold has recently had an easier time than bitcoin maintaining a positive value in the market. The crypto flagship has also taken off 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“.

Recently, the strategist reiterated his position on BTC. He said that the crypto is doomed, pointing out that there is a lack of intrinsic value. According to him, it cannot be a store of value or for use in real life.

Peter Schiff attacks BTC

For Peter Schiff, unlike cryptos like Ethereum, bitcoin has no real use for humanity. In fact, the strategist is of the opinion that the latter, with its ecosystem, could succeed in achieving a place for itself in the market.

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Download avatar Luc Jose Adjinacou
Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass my pen knowledge related to this ecosystem.

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