Michael Saylor is fighting back against Peter Schiff’s accusations of pumping Bitcoin

The United States Securities and Exchange Commission (SEC) fining reality star Kim Kardashian $1.26 million carries an important message about the regulator’s determination to crack down on sketchier corners of the cryptocurrency world.

While many in the community acted in disbelief, others believed Kardashian was an easy target and that the SEC should have targeted the creators of EMAX instead. Peter Schiff, for his part, had a rather bizarre take on the whole matter.

The managing director of the Schiff Gold Fund and Austrian economist believes that Kardashian was unfairly fined, and instead the watchdogs should have gone to MicroStrategy’s executive chairman and co-founder – Michael Saylor. Schiff even accused him of pumping crypto more than the socialist.

Michael Saylor strikes back

Schiff, who happens to be a gold bug, barely misses dissing Bitcoin and crypto in general. Saylor was quick to hit back on his accusations and emphasized that Bitcoin is not a security but rather a commodity.

“Bitcoin is a commodity, not a security. Promoting a commodity is similar to promoting steel, aluminum, concrete, glass or granite. The BTC network is an open protocol that offers utilitarian benefits similar to roads, rails, radio, telephone, TV, internet or English.

This is not the first time Schiff has made a bizarre comment. Last year, the full-time BTC basher said Saylor’s initiative to keep buying more and more bitcoins “makes no sense.” He had further alleged that the MicroStrategy CEO bought the asset only to prevent it from crashing rather than doing anything positive for shareholders and investors.

Pumping crypto accusations

Peter Schiff always has something to say. But this time he seems to have missed the point because the SEC had specifically accused Kardashian of promoting an alleged scam project called EthereumMax (EMAX) without disclosing that she was paid $250,000 to post about it on Instagram and has not something to do with Bitcoin.

Schiff even accused CNBC of paying “millions for ads from crypto companies, then pumping Bitcoin non-stop while industry pumpers get air time.”

In response to his tweet, many jumped in Saylor’s favor and tired that Schiff should be fined for shilling gold.