Peter Schiff Says He Doesn't Embrace Bitcoin Because He Understands It Much Better Than 'HODL Gang'

Gold bull Peter Schiff recently took to Twitter to point out that the Bitcoin BTC/USD "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. 

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.”

Earlier this week, Schiff kicked off a fierce debate on Bitcoin maximalist Michael Saylor adding BTC to MicroStrategy's 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.

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.

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