Peter Schiff Denies Max Keiser Allegation That He Sold His Bitcoin

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In Brief
  • Max Keiser alleges that Peter Schiff sold all his bitcoin for fiat.

  • Keiser claims he urged Schiff to accept bitcoin payments on his website.

  • Schiff reportedly sold off bitcoin that would be worth a fortune today.

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Ardent anti-bitcoin proponent Peter Schiff has denied claims from Bitcoin perma-bull Max Keiser. On Mon. Feb 15, Keiser said that Schiff took his advice to accept bitcoin payments, only to sell them for fiat.

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Heisenberg co-founder Max Keiser has alleged that he made Peter Schiff accept bitcoin payments on his website in 2015. As many will know, Max Keiser is an avid Bitcoin (BTC) proponent. He invested in Bitcoin payment service provider BitPay in its early days. 

Schiff, on the other hand, has remained firm on his stance towards Bitcoin. He is a renowned critic of the digital asset. And it appears that even Keiser’s recommendation has done nothing to change that.

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According to Keiser, Schiff exchanged his bitcoins for dollars. Those bitcoins today would be worth approximately $100 million, according to current prices

Schiff Gold Chairman Rebuffs Allegation 

Schiff finally denied the allegation with his own tweet. He claims that Keiser has been “lying to con people into buying Bitcoin.” He also said that his firm never received bitcoin payments for gold. BitPay apparently converted bitcoins to dollars to pay for purchases. 

Apparently, Schiff has been consistent in his response. In 2019, a Twitter user asked him why his company accepted bitcoin payments despite his negative stance. He claims his company’s partnership was purely to allow BitPay customers to exchange BTC for USD. With the dollar, they can purchase precious metals on his website.

This, however, contrasts somewhat to a post on the company website. A press release says it accepts bitcoin payment. In fact, it claims to be the largest precious metal company in the world to do so. 

Schiff won’t budge on his strong criticism of bitcoin. In a follow-up tweet, he said that Schiff Gold would be bankrupt if it had held on to bitcoin payments in 2018. He was referring to the 2018 dip that followed bitcoin’s surge in late 2017. 

He has since continued in the usual style, fending off arguments from bitcoin proponents on Twitter. If the Schiff Gold chairman embraces the digital asset one day, perhaps he would become one of bitcoin’s biggest converts.

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