Peter Schiff, a renowned gold investor and a cryptocurrency doubter, has publicly criticized the CEO of MicroStrategy, Michael Saylor, after the firm’s latest Bitcoin acquisition. Saylor reported that MicroStrategy has bought an additional 9,245 Bitcoin (BTC) for about $623 million. This purchase has increased the company’s total Bitcoin holding to 214,246 BTC at an average cost of $35,160 each. In regard to this development, Schiff pointed out Bitcoin’s 15% value drop from its peak, which raised the issue of MicroStrategy’s possible financial losses.
Peter Schiff Cautions of Bubble in Bitcoin Market
The funding of MicroStrategy’s recent acquisition by convertible notes and free cash flow has gained interest among investors and analysts. The acquisition takes the company’s investment in Bitcoin to a historic level. Nevertheless, Schiff’s instant reply was to warn about the volatility of the cryptocurrency market. He opined that if the price of Bitcoin drops to $20,000 or
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