Peter Schiff Blasts MicroStrategy’s Latest Bitcoin Purchase, Says BTC More Downside Would Make Saylor Waste More Money
Peter Schiff Blasts MicroStrategy’s Latest Bitcoin Purchase, Says BTC Will Soon Resume Price Decline.
The American stock broker has slammed MicroStrategy’s recent Bitcoin purchase. Peter Schiff has lashed out at leading business intelligence company MicroStrategy for its latest Bitcoin purchase.
The well-known Bitcoin critic took to Twitter to slam MicroStrategy and its CEO, Michael Saylor, for recently acquiring more BTC, which he describes as a waste of funds.
Schiff Slammed MicroStrategy
Schiff was surprised that MicroStrategy was still willing to commit more funds to the top asset class despite the losses the company has incurred via investing in Bitcoin.
“So [MicroStrategy share] is down $1.4 billion on Bitcoin, yet you continue to average down, throwing not so much good money after incredibly bad,” Schiff said in a comment directed at Saylor.
The popular financial commentator added that due to MicroStrategy’s recent accumulation of Bitcoin, the price of the world’s largest cryptocurrency by market capitalization would continue to decline until the company is tempted to throw in more funds again to get more losses.
“For buying BTC, its price would be lower. But now that you’re done, the decline can resume until you waste more money buying again,” Schiff noted in a tweet.
So $MSTR is down $1.4 billion on #Bitcoin, yet you continue to average down, throwing not so good money after incredibly bad. I's sure that but for your buying Bitcoin's price would be lower. But now that you're done the decline can resume until you waste more money buying again.
— Peter Schiff (@PeterSchiff) June 29, 2022
MicroStrategy Buys More BTC
Earlier today, Saylor announced that MicroStrategy had increased its Bitcoin holding by purchasing an additional 480 units of BTC worth around $10 million. The company stated that each unit of Bitcoin was acquired at the rate of $20,817.
MicroStrategy’s Bitcoin accumulation brings the company’s BTC holding to a whopping 129,699 BTC. It still maintains the top position as the public company that owns the largest investment in the asset class.
MicroStrategy is not prepared to slow down on its Bitcoin acquisition, as the company continues to take advantage of falling prices to increase its BTC holdings.
Saylor Not Worried About Schiff’s Comments
Interestingly, Schiff’s negative comments cannot deter MicroStrategy and Saylor from buying more BTC when the opportunity arises.
Saylor has not failed to profess his unwavering support for BTC, as he believes the cryptocurrency will ultimately provide a hedge against inflation. He also noted that Bitcoin would reimburse traditional investors robbed by inflation.
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