Bitcoin
Peter Schiff criticizes Michael Saylor’s Bitcoin hype by U.Today
U.Today – Renowned economist and cryptocurrency critic Peter Schiff has criticized Michael Saylor’s recent hype about the growing adoption of cryptocurrencies as a strategic treasury asset by corporations.
Michael Saylor, a well-known Bitcoin advocate and president of MicroStrategy, recently shared his enthusiasm on X about the growing adoption of Bitcoin as a strategic treasury asset.
Citing a comment made by Bitcoin investor Bill Miller in a recent interview with CNBC, Saylor tweeted: “We now have more companies coming forward and saying we will put Bitcoin on our balance sheet as a strategic treasury asset.”
However, not everyone shares Saylor’s enthusiasm. Schiff, a vocal Bitcoin critic and gold bull, was quick to respond with his usual skepticism. In a pointed tweet, Schiff argued: “Bitcoin is neither strategic nor appropriate as a treasury asset. Companies should not risk shareholder funds. They should pay dividends and let shareholders risk their own money.”
Bitcoin enthusiasts are not intimidated
However, Schiff’s criticism shouldn’t deter Bitcoin enthusiasts, who often take Schiff’s words with a pinch of salt. To put things in context, Michael Saylor began buying Bitcoin in 2020 as an inflation hedge and alternative to money. Saylor’s company, MicroStrategy, is among the largest public holders of Bitcoin in the world. As of June 20, it held 226,331 BTC, purchased for around $8.33 billion at an average price of $36,798.
Over the weekend, Schiff was surprised when 87% of the more than 11,000 Bitcoin holders who responded to his X survey said they would not sell any of their Bitcoin even if the price dropped more than 99% to $120. They said not only would they not sell, but that they would continue to buy even when prices dropped.
Schiff unexpectedly revealed that “the main selling point for investors to buy Bitcoin is its excellent past performance record.”
At the time of writing, Bitcoin is trading at $66,067, having reached all-time highs of nearly $74,000 in mid-March.