Peter Schiff Laughs At BTC Holders As MicroStrategy Sells 700 BTC
On December 30th, Peter Schiff, a well-known Bitcoin critic, mocked BTC holders who hoped BTC’s price would increase in 2023. According to him, next year will test the resiliency of Bitcoin holders.
The recent mockery came after MicroStrategy, the company known for buying a large amount of Bitcoin, sold 700 BTC to cover tax relief.
Bitcoin Critic Makes Fun Of Bitcoin Holders
In 2022, the BTC dropped about 65% of its value from November last year, causing a commotion in the crypto community. On December 30th, Schiff conducted a poll to ascertain what BTC holders would do if the price should fall to $5,000.
In addition, he asked them what low price would make them change their mind about BTC. Meanwhile, most of the voters agreed to keep BTC even if it fell to zero.
Meanwhile, about 10% said they would sell their holdings if the price dropped to $5,000. Also, around one-fifth agreed to dump if the price dipped below $1,000.
Other participants picked $10,000 as their point to sell. Numerous crypto firms’ collapses and increased inflation have pushed BTC’s price from its all-time high of $69,000 last November to around $16,000.
Crypto investors attempted to reduce risk in their portfolios in the face of growing inflation by sparking selling pressure on BTC. This caused the flagship currency to fall along with stocks and other risky assets.
Surprisingly, the bearish crypto market has not shaken MicroStrategy’s resolve to hold Bitcoin. On December 22nd, the software company purchased 2,395 BTC despite the crypto winter.
Michael Saylor Breaks Former Promise
In a Twitter Spaces discussion this week, Michael Saylor, the Executive Chairman of MicroStrategy, said BTC investors who are technocrats believe the crypto market will recover in the next five to ten years.
However, he argued that MicroStrategy is more of a maximalist and views BTC as good for humans. According to him, MicroStrategy’s long-term investment aim is to foster greater BTC adoption.
Ironically, multiple reports revealed that MicroStrategy sold about 704 BTC earlier this week for about $12 million. Strangely, the company bought 810 BTC some days later.
Meanwhile, MicroStrategy’s BTC sale strays away from Saylor’s assertion in January this year. Earlier in January, the BTC supporter had an interview with Bloomberg Studio 1.0.
In the interview, the interviewer asked Saylor if MicroStrategy would ever sell part of its BTC. “Never. We are not sellers. We only buy and hold Bitcoin,” Saylor replied.
On the other hand, a Funstrat executive, Sean Farrell, claimed that MicroStrategy exploited a loophole in the tax system. This loophole enables MicroStrategy to sell an asset and repurchase it to decrease its tax burden.
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