Economist and perennial Bitcoin critic Peter Schiff called out the US Securities and Exchange Commission for fining Kim Kardashian for pumping crypto in 2021 while leaving out what he called the “real pumpers:” Michael Saylor and CNBC.
Schiff refers to Saylor’s promotion of Bitcoin. Saylor is a Bitcoin maximalist and when he was CEO of MicroStrategy, the cryptocurrency became a critical part of the company’s overall strategy, effectively becoming a holding vehicle for the cryptocurrency.
Saylor stepped down as CEO in August after the company’s second-quarter earnings release, which showed a loss of $1.06 billion, including the $917 million impairment charge based on the value of Bitcoin on the company’s balance sheet. Bitcoin’s price has since plunged after it peaked in early November last year.
Saylor continues to promote Bitcoin, describing his shift from CEO to Chairman as putting his sole focus on the cryptocurrency.
Schiff has also previously called out CNBC for pumping crypto through advertising and allegedly giving “industry pumpers” the space and airtime to lure readers and viewers into buying Bitcoin.
Schiff is a known non-believer of cryptocurrency, even calling it a scam many times over. But he was, at one point, willing to sell off Euro Pacific Bank for crypto.
Kim Kardashian, meanwhile, has recently agreed to pay the SEC fine of $1.26 million. The celebrity was fined for failing to disclose that she had been paid $250,000 to post about a crypto token sold by EthereumMax in June 2021.
Information for this briefing was found via Twitter, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.