Scientologist and Nation of Islam student minister Tony Muhammad a/k/a Abdul Malik Sayyid Muhammad has launched “Peacecoin Inc.”
While Peacecoin sounds cryptocurrency-ish, it is not a cryptocurrency. Peacecoin is simply a for-profit company that manufactures and sells silver, gold, and platinum coins along with jewelry and apparel.
The spot price for one ounce of silver today, June 2, 2021 is $28.05. The price for a 1.13 ounce silver Peacecoin is $129.00:
There is no financial sense or logic in overpaying for silver or anything else. For example, a one ounce US Silver Eagle is selling today at $41.03, which is $13.00 over spot price:
Mr. Muhammad promotes his company as the “Peacecoin Movement.” In order to join the Peacecoin Movement, then, consumers apparently must purchase his overpriced products.
If this sounds like Scientology, here is the big reveal: The for-profit “Peacecoin Movement” is associated with Scientology’s “United in Peace” front group. United in Peace is lead by Scientologist Alfreddie Johnson and Scientologist/Nation of Islam minister Abdul Malik Sayyid Muhammad:
United in Peace has monthly “peace rides” during which participants hand out copies of Scientology’s “The Way to Happiness” on the streets of Los Angeles. Also distributed are copies of The Nation of Islam’s Million Man March Pledge.
The actual legal entity conducting the peace rides is called the United in Peace Foundation and it is a 501(c)(3) tax-exempt charitable organization. United in Peace is part of Scientology’s Association for Better Living and Education International (ABLE). ABLE is the holding company for many of Scientology’s secular front groups.
It appears that Mr. Muhammad has linked the non-profit United in Peace Foundation to his for-profit California Peacecoin corporation.
The Peacecoin Team:
Peacecoin’s filing with the California Secretary of State shows that the for-profit company has 1,000,000 shares. No information is provided on the beneficial owner(s) of the shares.
The sister company — Peacecoin Jewelry Inc. — also has 1,000,000 shares. No information is provided on the beneficial owner(s) of the shares.
Peacecoin states that it has plans to build job training centers across the US. However, this raises the logical question: After paying the salaries of the team — as well as the cost of goods, manufacturing, shipping, and corporate taxes on profits — how much money will actually remain to build the proposed job training centers? No specifics are given at the Peacecoin website. Indeed, the general concept offered is vague.
Bottom Line: We salute the work of building job training centers. But why does this goal require a for-profit intermediary which sells its products significantly over market prices? Mr. Muhammad could have simply solicited donations directly through the United in Peace Foundation or another 501(c)(3) specifically created for the planned job training centers.
The California Secretary of State filings:Peacecoin.Inc
Categories: The Scientology Money Project