Michael Saylor Claps Back At Peter Schiff: 'Bitcoin Is A Commodity Not A Security'

Microstrategy executive and vocal Bitcoin supporter Michael Saylor has clapped back at Gold Fund chief executive officer and Austrian economist Peter Schiff for alleging that the crypto enthusiast "had much more to gain [from] pumping crypto than Kim [Kardashian]."

It was not only tech billionaire Elon Musk who created a buzz on Twitter earlier this week for advocating peace in Eastern Europe and announcing his revived interest in purchasing the micro-blogging platform. Schiff and Saylor also made headlines for their tweet exchange.

It all began when Schiff questioned the Securities and Exchange Commission (SEC) for fining American media personality Kim Kardashian. He suggested that the regulatory body should instead devote its energy to "real pumpers" and tagged the Microstrategy executive. Schiff tagged American news channel CNBC, too, accusing the media outlet of "pumping Bitcoin non-stop."

"The SEC is fining @KimKardashian $1.2 million for pumping #crypto. What about the real pumpers? @Saylor had much more to gain pumping crypto than Kim. Or @CNBC paid millions for ads by crypto companies, then pumping #Bitcoin non-stop while providing industry pumpers with airtime?" Schiff wrote in his tweet.

Saylor responded to Schiff's critical tweet, noting, "#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, rails, radio, telephone, television, internet or English."

It was not the first time Schiff made a negative comment against Saylor. The Gold Fund CEO mentioned last year that Saylor's interest in accumulating more BTC "makes no sense." He even said in another tweet that the Microstrategy executive was "truly insane" and what he was doing were "acts of desperation to keep Bitcoin from crashing."

While Saylor is a Bitcoin maximalist, Schiff is a major gold supporter. And with Bitcoin slowly becoming a threat to gold in terms of store value, Schiff always makes it a point to criticize the crypto asset and the crypto industry as a whole.