Peter Schiff, a known critic of Bitcoin, has once again taken a stance against the cryptocurrency, this time targeting MicroStrategy's Bitcoin purchase strategy.
Peter Schiff's Remarks
On November 27, 2024, Schiff criticized MicroStrategy's approach as a risky bet, stating that the temporary price increase will be short-lived, potentially leading to a drop in both Bitcoin's price and MicroStrategy's stock. He noted that the company might face challenges in the future due to its significant reliance on Bitcoin.
MicroStrategy's Long-term Bitcoin Investment
MicroStrategy first adopted Bitcoin as a primary investment strategy in August 2020. Recently, the company purchased 55,500 Bitcoin worth approximately $5.4 billion, strengthening its position as one of the largest corporate cryptocurrency holders. Michael Saylor, the company's chairman, insists that there are no plans to sell the Bitcoin assets in the near future.
Schiff's Regret Over Not Buying Bitcoin Earlier
Ironically, Schiff recently expressed regret at not having purchased Bitcoin when it was valued around $1. He also criticized the Trump administration for supporting Bitcoin, believing that it could negatively impact the US economy.
Peter Schiff's stance on Bitcoin remains primarily critical, as he continues to express doubts about the long-term benefits of the cryptocurrency.
