Politicians’ salaries in Bitcoin are stable despite price decline, says Peter Schiff, here’s why:

Yuri Molchan

Prominent Bitcoin Hater Shares Details On Why Politicians Are Not Afraid To Receive Their Salary In BTC


“They only lose if they have HODL”Schiff Expects BTC Flash Crash Once $30,000 Has Passed, But No One Is Selling

A major Bitcoin opponent who tweets about BTC more often than some of the biggest Bitcoin supporters, Peter Schiff, has explained on Twitter how politicians and top athletes have insured themselves against losing money when receiving salaries in Bitcoin after his plunge.

“They only lose if they have HODL”

The CEO of Euro Pacific Capital and founder of the SchiffGold fund commented on the CNBC story about politicians and professional athletes agreeing to take their paychecks in Bitcoin and lose them if the Bitcoin price plummets.

However, Goudbug Schiff is confident that what they get paid is determined in USD and only converted to Bitcoin at the time of payment, suggesting that they will most likely convert BTC back into dollars anyway.

The only way they’ll lose money, Schiff tweeted, is if they start hating.

As reported by U.Today, several NFL players agreed to receive their salary in the flagship cryptocurrency last year. Among them were Odell Beckham, Sean Culkin and several NBA players, including Andre Iguodala. In 2020, this move was first taken by another NFL star, Russell Okung.

In 2022, Christophe De Beukelaer, a Belgian MP, announced that he will withdraw his salary in Bitcoin. He is so far the first European politician to do so.

Schiff Expects BTC Flash Crash Once $30,000 Has Passed, But No One Is Selling

Last weekend, as Bitcoin fell to $36,500, Peter Schiff took to Twitter to share that he expects a BTC flash crash to occur if the price of the leading cryptocurrency falls below the $30,000 level.

A few days before that, he tweeted that once Bitcoin drops below $30,000, it will likely crash back to the $10,000 price level.

Still, MicroStrategy CEO Michael Saylor recently stated that the company has no intention of selling its Bitcoin holdings. According to its recent fourth-quarter earnings report, Tesla’s e-car giant has also failed to remove Bitcoin from its balance sheet and still has the $1.26 billion in Bitcoin it acquired in early 2020.

The president of El Salvador, the first country to adopt BTC as a means of payment, has even announced that his country has bought the dip — acquiring another 410 Bitcoins and paying about $15,000,000 for it.

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