Key Points
- Peter Schiff humorously suggested that Michael Saylor should borrow $4.3 billion to buy Bitcoin seized by the U.S. government.
- Bitcoin’s price fell by 1.81%, trading at around $61,010 amid preparations for the sale.
Peter Schiff, a prominent economist and noted critic of Bitcoin, humorously advised Michael Saylor, the CEO of MicroStrategy, to consider borrowing $4.3 billion to invest in Bitcoin.
This suggestion was made amid ongoing discussions about the potential uses for the Bitcoin seized from the Silk Road marketplace.
Schiff’s Jab at Saylor
Schiff is known for his strong advocacy of gold over cryptocurrency.
His suggestion that Saylor should borrow the $4.3 billion to invest in Bitcoin is seen as a humorous jab at Saylor’s bold strategy at MicroStrategy.
This strategy has led to the acquisition of billions in Bitcoin since 2020, a move that Schiff has often criticized as a risky gamble.
MicroStrategy has recently raised over $1 billion, allocating a portion of those funds to acquire an additional 7,420 BTC.
This latest purchase increased the company’s total Bitcoin holdings to 252,220 coins, now valued at approximately $16 billion.
Community Reaction and Schiff’s Criticisms
Schiff’s post generated significant engagement within the crypto community.
Many community members rallied to defend Bitcoin’s reputation as a form of “hard money.”
Schiff, however, maintained his stance, stating that Bitcoin lacks “actual real value.”
Schiff has long been a vocal critic of Bitcoin, contending that it falls short of gold in terms of tangible value.
He recently suggested that the hype surrounding Bitcoin has caused investors to overlook gold’s remarkable performance.
As the U.S. government prepares to sell its seized Bitcoin, the cryptocurrency’s price has experienced a further decline of 1.81%, trading at approximately $61,010.