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Bitcoin Skeptic Schiff Receives $1,500 in the Crypto, Remains Cynical

Bitcoin Hater Now Owns The Crypto

According to Bitcoin hater Nouriel “Dr. Doom” Roubini, the cryptocurrency industry is rife with scammers, criminals, rent-seeking individuals, and so on and so forth. But if you were to take a gander at Peter Schiff’s publicly-known BTC address, you may not think this is the case. You may instead think the industry is full of altruistic technologists and early-adopters.

Over the past 18 or so hours, the prominent gold bull, who doubles as a staunch Bitcoin bear, has been a beneficiary of the crypto charity’s charitable attitude (search up the Pineapple Fund, check it out). In fact, after being urged to post his BTC address by Anthony Pompliano of Morgan Creek, Schiff’s address has racked up over $1,500 worth of the digital asset.

As of the time of writing this, the cryptocurrency critic, who has claimed that Bitcoin is just “digital fiat”, has over 0.13 BTC and a gift of $100 worth of Bitcoin.

After he received these donations, Schiff quipped, “I guess I’ll have to hodl it and go down with the ship”. This is presumably a critique of the Bitcoin’s industry incessant desire to “HODL” their cryptocurrency, even it was failing.

This odd case of Crypto Charity comes shortly after Schiff bashed Bitcoin via RT. As reported by Ethereum World News previously, the libertarian-leaning economist bashed a story about NASA eyeing an asteroid rife with precious metals, including gold.

He claims that the whole asteroid debacle is a “whole bunch of nonsense”, specifically because the surveys regarding the asteroid’s innards aren’t entirely reliable. But I mean maybe there’s no gold there, we don’t know. They don’t have any idea, they don’t know that there’s gold on that asteroid. There could be some gold there but it would cost a fortune to mine it there,” he told RT.

Schiff went on to say that this whole story is just gaining traction because of the Bitcoin community’s attempts to “create a false narrative that gold supply is not scarce, so the price of gold is going to crash.” This is presumably in reference to Grayscale’s Drop Gold campaign.

Why Spend BTC on a Hater?

While the donations to Schiff’s wallet have a good premise, some have tacitly bashed the community for “spending money on a hater”, especially because Bitcoin is one of the “hardest” monies that humanity has ever thunk up.

Wall Street Journal’s “especially formal heckler” Zack Voell wrote the following tweet, accentuating his confusion.

Stacy Herbert, an early Bitcoin adopter, venture capitalist, and contributor on RT alongside Max Keiser, explained that investors donating to Schiff should send their sats to a Bitcoin educator instead, citing the fact that she has been teaching individuals in Botswana about the cryptocurrency since 2014.

Funnily enough, Schiff’s gold website accepts Bitcoin. He purportedly converts said payments into fiat, but some have suggested that he is trying to quietly accumulate the cryptocurrency. That’s just hopeful postulation though.

Photo by Mark Kamalov on Unsplash
Nick Chong
About author

Nick has been enamored with cryptocurrencies since foraying into the industry in 2013. He has since gotten involved as a reporter, covering news on a number of blockchain- and crypto-related outlets.
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