Gold bull Peter Schiff recently took to Twitter to point out that the Bitcoin (CRYPTO: BTC) "HODL gang" often accuses him of not understanding BTC.
What Happened: Schiff states that he actually understands Bitcoin much better than those who own it, and that's the reason why he is not a part of that group.
Crypto investors have quickly embraced HODL as an acronym for "Hold On for Dear Life," a rallying cry for those who choose not to sell during bear markets.
The Bitcoin #HODL gang accuses me of not understanding #Bitcoin. They think that if I just took the time to learn about the underlying technology that I would embrace it. But the truth is that I understand Bitcoin much better than the people who own it. That's the reason I don't.
— Peter Schiff (@PeterSchiff) December 22, 2022
Stephen Livera, a prominent Bitcoin Bull, in response, said: "No, you really don't get it."
"You were skeptical of Bitcoin at $17.50. So you can only justify a victory lap when it goes below $17.50. There's no better technology or movement that will advance liberty more than Bitcoin," he said.
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Another Bitcoin bull William Cooper said, “I think it is just understand[ing] what makes good money, not so much the technology. I don't why you don't think bitcoin makes good money. Even if you don't like bitcoin though I think you actually make good cases for it regardless.”
I think it is just understand what makes good money, not so much the technology. I don't why you don't think bitcoin makes good money. Even if you don't like bitcoin though I think you actually make good cases for it regardless.
— william cooper (@willycooper) December 23, 2022
Earlier this week, Schiff kicked off a fierce debate on Bitcoin maximalist Michael Saylor adding BTC to MicroStrategy's (NASDAQ:MSTR) balance sheet. Schiff said this was a "Hail Mary" move meant to prevent the company's collapse. On the other hand, Bitcoin supporters countered that the decision of holding Bitcoin in a portfolio was sound.
For the first time I heard @saylor admit that adding #Bitcoin to the @MicroStrategy balance sheet was basically a Hail Mary to avoid liquidating the company. If the only thing $MSTR has going for it is a leveraged speculative position in Bitcoin, than it has nothing going for it.
— Peter Schiff (@PeterSchiff) December 20, 2022
Price Action: At the time of writing, Bitcoin was trading at $16,842, up 0.02% in the last 24 hours, according to Benzinga Pro data.