Peter Schiff Laughs at Bitcoin Maximalist, Michael Saylor for Bitcoin Comments
After predicting that more doom awaits Bitcoin last week, American stock broker, Peter Schiff mocks a Bitcoin proponent, Michael Saylor. Schiff is having a good laugh because the MicroStrategy CEO had said himself and his software giant firm will hold Bitcoin ‘forever.’ Stock broker Schiff finds that impossible and gives reasons why that is, of course, without failing to take a swipe at Saylor. Peter Schiff is the CEO of Euro Pacific Capital Inc. and an avid gold lover.
On July 21st, Bitcoin had recovered from a low of $29,278 to $30,000 betraying predictions of a $25k bottom. However, Peter Schiff’s analysis on Bitcoin and other assets indicated that the movement of the former did not correlate with the others. He noted that while other risk assets rebounded quickly, Bitcoin was still selling off. It was on that basis that he predicted more doom for the crypto asset.
Since then, its price movement has gone against Schiff’s analysis and is currently trading at $41k, having broken the $40,500 resistance area. Notwithstanding, it seems Michael Saylor’s comments have stirred up Schiff’s critical stance against Bitcoin.
Michael Saylor to Hold Bitcoin ‘Forever’
While speaking during an interview with Bloomberg TV, Michael Saylor declared that holding Bitcoin was not a challenge for himself and Microstrategy. Currently holding 105,085 Bitcoins, Saylor said that he plans to add more of the crypto asset to that number. Although it was reported that MicroStrategy registered a total unrealized loss of over 650 million on its holding since its first Bitcoin accumulation, Saylor’s opinion has not changed.
Peter Schiff Criticizes Saylor for His ‘Holding Bitcoin Forever’ Stance
The MicroStrategy CEO also declared that Bitcoin was the future of property, such that it will be held by governments, banks, institutional and retail investors in the coming years. On this premise, Peter Schiff says Saylor has gone ‘completely mad.’ He also noted that Saylor will hardly be able to take his Bitcoin holdings to the grave.
It is not out of place to agree with Saylor on his ‘Bitcoin, the future of property’ assertion as this is already happening. The past few weeks have seen institutional investors and banks trying to acquire the asset before it reaches its 21 million max supply. Although some governments around the world are still skeptical about Bitcoin as a store of value, they have been embracing crypto-friendly regulations to monitor the use and adoption of the asset.
Meanwhile, Michael Saylor included in his comments that if the price of Bitcoin is lower than it is now in the next four years, he will likely reconsider his holding strategy. Since buying Bitcoin, MicroStrategy has pooled over $1 billion in profits from the asset. Being a Bitcoin maximalist, Saylor earned a role in the Bitcoin Mining Council as the head. For the CEO, $100k price on Bitcoin is the goal. In contrast, the Winklevoss brothers (Tyler and Cameron) said they are until $500k
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