Peter Schiff, known for his skepticism towards Bitcoin and advocacy for gold, has accused Michael Saylor and his company MicroStrategy of manipulating Bitcoin prices. His allegations follow Bitcoin's rapid rise to an all-time high of $106,493.
Peter Schiff's Allegations
Following Bitcoin's sharp price rise, Peter Schiff accused MicroStrategy of purchasing coins to artificially inflate prices. Schiff suggested that Michael Saylor’s company is systematically buying Bitcoin on Mondays to steer the market price. He argues that such practices divert investments from more critical sectors.
MicroStrategy's Bitcoin Mania
MicroStrategy started aggressively purchasing Bitcoin in July, acquiring 12,222 BTC for $805.2 million. By December, the company held 423,650 BTC valued at over $43.6 billion. This aggressive strategy has fueled criticism from Schiff and others who view it as manipulation.
Coincidence or Manipulation?
Each time MicroStrategy announces a Bitcoin purchase, the market noticeably reacts. Bitcoin's loosely regulated nature makes it vulnerable to such actions, and critics argue that such institutions may distort the market for their benefit. Debates continue on whether such actions legitimize Bitcoin as a mainstream asset or undermine its foundational principles.
The question of whether traditional finance needs Bitcoin or vice versa remains open, and price manipulation controversies are likely to continue to concern market participants.
