Peter Schiff Warns Saylor After $623M Bitcoin Bet by MicroStrategy

Peter Schiff, a renowned gold investor and a cryptocurrency doubter, has publicly criticized the CEO of MicroStrategy, Michael Saylor, after the firm’s latest Bitcoin acquisition. Saylor reported that MicroStrategy has bought an additional 9,245 Bitcoin (BTC) for about $623 million. This purchase has increased the company’s total Bitcoin holding to 214,246 BTC at an average cost of $35,160 each. In regard to this development, Schiff pointed out Bitcoin’s 15% value drop from its peak, which raised the issue of MicroStrategy’s possible financial losses.