Peter Schiff Tells Michael Saylor

Peter Schiff, a full-time BTC fan, said that Michael Saylor’s plan to keep buying more and more bitcoins is absurd. MicroStrategy’s latest announcement, in which it outlined plans for allocating another $1 billion to the asset, has seen Saylor labeled “truly insane” by prominent economist Peter Schiff.

Schiff to Saylor: Truly insane

Two names are likely to be the most prominent commentators if you’ve been following cryptocurrency markets at all in the last year. Peter Schiff, a popular economist and gold bug, is on the side against the naysayers. Michael Saylor, founder and CEO at MicroStrategy, is on the right side.

They have had several verbal arguments about their differing opinions on bitcoin. Yesterday’s latest came after Saylor’s software company announced plans to launch a new securities offer to raise $1 million. This large sum will be allocated to bitcoin as it did in the past.

Here is where the BTC criticism came in. According to Schiff, Saylor’s actions are “truly insane.” He believes that MicroStrategy has “more than enough” exposure and, if Saylor is right, it would make “all your shareholders wealthy.”

Schiff also claimed that Saylor bought more bitcoin to “keep bitcoin crashing” rather than doing anything for shareholders or investors.

You are truly insane. #Bitcoin will not be as successful as you believe #MircoStrategy is. Your actions do not match your words. These are desperate acts to prevent Bitcoin’s crash by buying as much as possible.

Peter Schiff (@PeterSchiff June 14, 2021

What has MicroStrategy done so well?

In light of Schiff’s claim that MicroStrategy has a lot of bitcoins in its stacks, it is worth looking at how large that stash is and what the company and its leader have done for the community.

Although the public was made aware that MicroStrategy purchased BTC in August 2020. However, the source of the story is actually a few months prior. After the COVID-19 pandemic infiltrated Western World in the early 2020s, Saylor began to learn more about the asset’s characteristics.

His first purchase was made on June 3, 1997. However, his firm continued to accumulate coins after August, and now has over 90,000. If the company raises $1 billion to put it in BTC, its stack could reach well over 100,000.

Separately, the company held a Bitcoin conference and became a node of the BTC network. It also started paying directors in the primary cryptocurrency.

Saylor also published an educational panel on Bitcoin for retail investors. He has also openly praised this asset in all media outlets that he has attended. All of this happened within one year.