Bitcoin Billionaire Michael Saylor Gets Into Twitter Spat with Gold Bug Peter Schiff

cryptonews.com:

Bitcoin (BTC) bull and former IT firm MicroStrategy CEO Michael Saylor got into a bit of an argument with the arch-bitcoin skeptic Peter Schiff on Twitter on Monday over the former’s support for the world’s number one crypto.  

Schiff has become infamous in the world of crypto Twitter, where he regularly takes the opportunity to troll BTC advocates.

The gold bug, perhaps unsurprisingly, started this latest spat by tweeting about the US Securities and Exchange Commission (SEC)'s decision to charge the famous social media influencer Kim Kardashian – and dragging Saylor into the story.

Kardashian was charged with unlawfully advertising a “crypto security” offered and sold by EthereumMax without disclosing the payment she had received for its promotion on social media. As reported, she agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the SEC’s ongoing investigation.

Schiff, however, tweeted to his 828,800 followers: “What about the real pumpers? Saylor had much more to gain pumping crypto than Kim.”

Saylor was quick to respond. He argued that bitcoin is a commodity, not a security. 

Notably, the SEC charged the influencer for promoting what the regulator deems a security – and without disclosing she had been paid to do it. Furthermore, Kardashian’s case is not connected to bitcoin.

Saylor wrote that “advocating” a commodity is similar to promoting steel or aluminium, for example – the open protocol offers “utilitarian benefits” similar to roads or telephone.

#Bitcoin is a commodity, not a security. Advocating a commodity is similar to promoting steel, aluminum, concrete, glass, or granite. The BTC network is an open protocol, offering utilitarian benefits similar to roads,