- Peter Schiff criticized MicroStrategy’s stock despite it reaching an all-time high.
- MicroStrategy’s Bitcoin portfolio’s market value boosted to over $40 billion, despite volatility.
Peter Schiff, a prominent crypto critic, has once again targeted Michael Saylor’s firm, MicroStrategy.
In a recent post, Schiff issued a stark warning about MicroStrategy’s stock (MSTR), which has recently reached an all-time high following the company’s ambitious plan to transform it into a trillion-dollar Bitcoin [BTC] bank.
This marks another instance of Schiff’s ongoing skepticism toward firms deeply invested in cryptocurrency, especially BTC.
On the 22nd of October, he posted on X (formerly Twitter), saying,
“$MSTR has got to be the most overvalued stock in the MSCI World Index. When it finally crashes, that’s gonna be the real bloodbath!”
However, the warning was largely taken with a grain of salt as highlighted by CJ Konstantinos, in his recent post where he said,
Source: CJK/X
However, Schiff pressed on with his argument, asserting his points and claiming,
“Bitcoin doesn’t have a yield. You can sell it to generate capital gains, you can write calls against it to generate income, but Bitcoin itself has no yield. Worse, if you own it in an ETF you pay custody fees.”
Why is Schiff against Bitcoin?
Schiff, a longtime advocate of gold and vocal opponent of cryptocurrencies, has consistently voiced his skepticism toward Bitcoin.
He has frequently argued that BTC is a speculative asset lacking the intrinsic value found in traditional investments like 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 toward BTC has proven to be highly lucrative.
Over the past four years, the company has seen its market value skyrocket from $1.5 billion to over $40 billion. This growth is largely credited to Michael Saylor’s bold decision to invest heavily in Bitcoin.
This move has positioned MicroStrategy as a major Bitcoin player, controlling 252,220 BTC.
Schiff takes a jab at Saylor
During a recent discussion about the BTC seized from the Silk Road marketplace, Peter Schiff humorously targeted Michael Saylor.
Schiff quipped that Saylor should consider borrowing the $4.3 billion worth of Bitcoin from the government to further bolster MicroStrategy’s already massive BTC holdings.
This sarcastic remark highlights Schiff’s ongoing criticism of Saylor’s aggressive Bitcoin strategy, while subtly mocking the company’s deep commitment to expanding its cryptocurrency assets.
Amidst such talks, MicroStrategy’s stock price experienced a modest 0.30% increase, reaching $219.70. This reflects steady investor confidence in the company’s BTC-focused strategy.
Source: Google Finance
On the other hand, Bitcoin saw a slight dip of 0.93% over the past 24 hours, with its price settling at $66,947.37, at press time, as per CoinMarketCap.
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