Peter Schiff Critiques Michael Saylor’s Enthusiasm for Bitcoin

Renowned economist and cryptocurrency critic Peter Schiff has challenged Michael Saylor’s enthusiasm regarding the increasing adoption of Bitcoin as a strategic treasury asset by corporations.

Saylor, a prominent Bitcoin supporter and chairman of MicroStrategy, recently expressed his excitement on social media about the trend of companies incorporating Bitcoin as a treasury asset. He quoted Bitcoin investor Bill Miller from a recent CNBC interview, stating, “We now have additional companies coming out and saying we’re going to put Bitcoin on our balance sheet as a strategic treasury asset.”

However, Schiff, known for his opposition to Bitcoin and his advocacy for gold, responded with skepticism. In a pointed tweet, he asserted, “Bitcoin is neither strategic nor appropriate as a treasury asset. Companies shouldn’t flat out gamble with shareholder’s funds. They should pay dividends and let shareholders gamble with their own money.”

Despite Schiff’s criticism, Bitcoin enthusiasts remain undeterred and often take his remarks with a grain of salt. Michael Saylor embarked on purchasing Bitcoin in 2020 as a hedge against inflation and as an alternative to cash. His company, MicroStrategy, is one of the largest public holders of Bitcoin, possessing 226,331 BTC as of June 20, with an investment totaling around $8.33 billion at an average price of $36,798.

Over the weekend, Schiff was surprised to learn that 87% of over 11,000 Bitcoin holders who responded to his social media poll indicated they would not sell any of their Bitcoin, even if the price plummeted by more than 99% to $120. Furthermore, they expressed that they would continue to buy more Bitcoin even in the face of falling prices.

Schiff also acknowledged that “the main selling point for investors to buy Bitcoin is its great track record of past performance.”

As of the latest data, Bitcoin was trading at $66,067, having reached nearly $74,000 in mid-March.