Peter Schiff, a well-known gold bug, is not happy with MicroStrategy’s massive Bitcoin investment. He thinks it’s a recipe for disaster.
MicroStrategy’s Big Bitcoin Gamble
MicroStrategy has a plan to spend a whopping $42 billion on Bitcoin over the next few years. They’ve already bought a huge amount, making them one of the biggest corporate Bitcoin holders. This hasn’t stopped Schiff from sounding the alarm.
Schiff Predicts a Crash
Schiff calls MicroStrategy’s plan “a dangerous bet.” He reckons that their rapid buying is artificially inflating the Bitcoin price, and it won’t last. He predicts that both Bitcoin’s price and MicroStrategy’s stock price will plummet once their buying spree ends. He estimates this could happen much sooner than their three-year plan suggests. He also worries that MicroStrategy might run out of money before they finish buying, putting the company and its shareholders at risk.
A Different Perspective
MicroStrategy CEO Michael Saylor isn’t worried. He’s sticking to his guns, saying they’re not selling anytime soon and urging other companies to follow their lead.
Schiff Takes Aim at Trump’s Crypto Stance
Schiff also slammed President-elect Trump’s pro-cryptocurrency policies, arguing that they’ll hurt the US economy. He believes government intervention in the market is bad, and that favoring Bitcoin will only benefit Wall Street at the expense of the country as a whole. He thinks the US becoming a “Bitcoin superpower” would be a bad thing.
This hasn’t gone down well with many crypto supporters, who have dismissed Schiff’s comments as nonsense.
