Peter Schiff Speculates About Microstrategy ‘Scratch’ – Is Bitcoin the Cause?
Why Peter Schiff Criticizes MicroStrategy's Bitcoin Strategy Even As Its Shares Rise?
Peter Schiff criticizes MicroStrategy stock despite hitting all-time high
- Market value of MicroStrategy’s Bitcoin portfolio rises to more than $40 billion despite volatility
Prominent cryptocurrency critic Peter Schiff has once again taken aim at Michael Seiler’s company, MicroStrategy.
In a recent post, Schiff issued a stark warning about MicroStrategy (MSTR) stock, which recently hit new highs following the company’s ambitious plan to turn it into a trillion-dollar Bitcoin (BTC) bank.
This is another example of Schiff’s continued skepticism of companies deeply invested in cryptocurrencies, especially BTC.
On October 22nd, he posted on X (formerly Twitter) saying:
“$MSTR should be the most overvalued stock in the MSCI World Index. When it finally falls, it will be a real bloodbath!”
However, as CJ Constantinos said in his recent post :
Source: CJK/X
However, Schiff continued his argument and expressed his views, claiming:
Bitcoin is not profitable. You can sell it to generate capital gains, you can call against it to generate income, but Bitcoin itself has no return. “Worse, if you own it in an ETF, you’re paying maintenance fees.”
Why is Schiff against Bitcoin?
Schiff, a longtime advocate of gold and staunch opponent of digital currencies , has always expressed his skepticism about Bitcoin.
He has repeatedly argued that Bitcoin is a speculative asset that lacks the inherent value found in traditional investments such as gold.
This has made him a prominent figure in the ongoing debate between Bitcoin proponents and those who believe in traditional finance.
On the other hand, MicroStrategy’s strategic pivot to BTC has proven to be very profitable.
Over the past four years, the company’s market capitalization has grown from $1.5 billion to more than $40 billion. This growth is largely due to Michael Seiler’s bold decision to invest heavily in Bitcoin.
The move established MicroStrategy as a major Bitcoin player with control of 252,220 Bitcoins.
Schiff hits Silver
During the recent debate about Bitcoin being confiscated from the Silk Road market, Peter Schiff satirically took aim at Michael Seiler.
Schiff quipped that Silver would have to borrow $4.3 billion in Bitcoin from the government to shore up MicroStrategy’s massive BTC holdings.
The tongue-in-cheek remarks highlight Schiff’s ongoing criticism of Saylor’s aggressive Bitcoin strategy, while mocking the firm’s deep commitment to expanding its cryptocurrency holdings.
Amid such talk, MicroStrategy’s stock price rose an average of 0.30% to $219.70. This reflects investors’ confidence in the company’s BTC-focused strategy.
Source: Google Finance
On the other hand, Bitcoin has experienced a slight drop of 0.93% over the past 24 hours, and according to CoinMarketCap , its price reached $66,947.37 at the time of publication.
