Peter Schiff has continued trolling crypto proponents amid the price dip.
Prominent American stock broker Peter Schiff said Elon Musk’s recent Twitter following suggests the Tesla exec is gradually losing interest in cryptocurrencies. Schiff noted in a tweet today that he noticed Musk following famous Silver proponent Wall Street Silver on Twitter. According to Schiff, the development suggests that Musk may be interested in protecting his wealth with the precious metal following the meltdown of his cryptocurrency holdings.
“I just noticed that Elon musk’s last follow is @WallStreetSilv. Maybe the Chief Twit is tired of watching his Bitcoin and other crypto holdings meltdown and is finally getting interested in protecting his wealth with real money,” Schiff said.
The Chief Economist and Global Strategist at Euro Pacific Capital said Musk might also follow him for investment tips on traditional financial instruments, including gold.
I just noticed that @elonmusk's last follow is @WallStreetSilv. Maybe the Chief Twit is tired of watching his #Bitcoin and other #crypto holdings melt down and is finally getting interested in protecting his wealth with real money. Who knows, he may even start following me too.
— Peter Schiff (@PeterSchiff) December 21, 2022
Schiff Trolls Crypto Enthusiasts Amid Price Dip
It bears mentioning that Schiff is a significant cryptocurrency skeptic who does not believe any good would come from the nascent asset. Whenever there is a crash in the crypto market, Schiff seizes the opportunity to troll cryptocurrency investors. Some of his victims in recent times include his son Spenser Schiff, El Salvador’s president Nayib Bukele, and MicroStrategy co-founder Michael Saylor.
As reported in August, the Gold Bull trolled his son on his birthday following the crash of Bitcoin.
It's not looking good HODLers. I don't think my son @SpencerKSchiff wished for a #Bitcoin crash for his birthday. Hopefully he doesn't make the mistake of assuming the crash is a birthday gift to buy some cheap sats. No matter how low the price, sats will always be expensive. pic.twitter.com/e1uQDksstj
— Peter Schiff (@PeterSchiff) August 27, 2022
Tesla’s Bitcoin Holdings
Recall that Elon Musk’s Tesla disclosed a $1.5B investment in Bitcoin in February 2021. The announcement fueled the price of the world’s largest cryptocurrency by market capitalization. Tesla’s Bitcoin holding soared to a whopping $2B at the end of last year.
However, the company’s Bitcoin holdings slumped massively this year following the collapse of the Terra ecosystem. In July, the popular electric car manufacturing company revealed it converted 75% of its Bitcoin holdings into fiat, adding $936 million to its balance sheet.
Despite the sale, Tesla remains one of the largest Bitcoin holders. According to data from Buy Bitcoin Worldwide, Tesla holds a total of 10,725 BTC, worth around $180.38M at the current exchange rate.
Meanwhile, cryptocurrency investors have suffered huge losses this year. The collapse of top crypto projects Terra and FTX resulted in the wipeout of more than $2T. It is noteworthy that Bitcoin is down 63.6% Year-to-Date (YTD), as the asset class currently changes hands at $16,819.