'Congratulations,' Peter Schiff Reacts as Saylor's Bitcoin Treasury Sits at Cost Basis

Long-time Bitcoin critic and pro-gold advocate Peter Schiff has stirred discussions across the crypto ecosystem following his sarcastic celebration of Bitcoin's recent performance.

In a recent post shared earlier today, Schiff congratulated Bitcoin supporters as Bitcoin's biggest buyer, Strategy, marks six years of steady Bitcoin buying.

Schiff mocks Saylor's return to cost basis

Known for his constant criticism of Bitcoin and its major holders, especially Michael Saylor, Schiff has mocked Strategy following Bitcoin's severe price crash recently.

He stressed that the firm's six-year Bitcoin accumulation has yet to deliver the returns Saylor previously promised.

Schiff further highlighted Strategy's profit margin, noting that the big Bitcoin buyer is now sitting close to its average purchase price at around $75,500 per BTC.

As such, the Bitcoin critic questioned the performance of Saylor's long-term investment strategy and its future potential, particularly given his previous expectations of annual returns of around 30%.

Schiff reignites Bitcoin vs. Gold debate

Following his assertions, Schiff further introduced his long-standing Bitcoin vs. Gold argument, suggesting that Saylor made the wrong choice of asset for his investments.

He argued that investing in gold instead would have doubled Saylor's money over the same period, triggering fresh debates across the crypto ecosystem.

Schiff's statement does not come as a surprise, as he is publicly known for repeatedly questioning Bitcoin's potential as a long-term investment.

The sworn Bitcoin critic has often argued that precious metals, especially gold, offer a more reliable store of value than Bitcoin, consistently describing Bitcoin as a Ponzi scheme.