Key Points
- Peter Schiff, a crypto critic, has warned about MicroStrategy’s stock reaching an all-time high due to its Bitcoin investment.
- Despite Schiff’s skepticism, MicroStrategy’s market value has increased to over $40 billion, largely due to its Bitcoin portfolio.
Peter Schiff, a known critic of cryptocurrency, has once again expressed his skepticism towards Michael Saylor’s company, MicroStrategy.
Schiff issued a warning about MicroStrategy’s stock (MSTR), which recently reached an all-time high due to the company’s plan to transform it into a trillion-dollar Bitcoin (BTC) bank.
Schiff’s Ongoing Criticism
Schiff, a gold advocate and vocal opponent of cryptocurrencies, consistently voices his skepticism towards Bitcoin.
He argues that BTC is a speculative asset lacking the intrinsic value found in traditional investments like gold.
Despite Schiff’s skepticism, MicroStrategy’s strategic pivot towards BTC has been highly profitable.
MicroStrategy’s Bitcoin Success
Over the past four years, the company’s market value has increased from $1.5 billion to over $40 billion, largely due to Michael Saylor’s bold decision to invest heavily in Bitcoin.
This move has positioned MicroStrategy as a major Bitcoin player, controlling 252,220 BTC.
Schiff humorously targeted Michael Saylor in a recent discussion about the BTC seized from the Silk Road marketplace.
Schiff suggested that Saylor should consider borrowing the $4.3 billion worth of Bitcoin from the government to further boost MicroStrategy’s already massive BTC holdings.
Despite the ongoing criticism, MicroStrategy’s stock price experienced a modest 0.30% increase, reaching $219.70.
This reflects steady investor confidence in the company’s BTC-focused strategy.
Meanwhile, Bitcoin saw a slight dip of 0.93% over the past 24 hours, with its price settling at $66,947.37, according to CoinMarketCap.
