Crypto

Bitcoin and MicroStrategy – this billionaire promises them ruin

The promise of bankruptcy of MicroStrategy. If there’s one thing Michael Saylor and his company MicroStrategy can’t be blamed for, it’s their consistency. Since 2020, they have been buying Bitcoin (BTC) regularly. With the latest and most recent purchase of 301 additional BTC, MicroStrategy’s cash position has reached a total of 130,000 bitcoins. A situation that irritates Peter Schiff, a long-time enemy of Bitcoin, to the highest degree.

Michael Saylor and company are Bitcoin DCA professionals

NASDAQ-listed (MSTR stock) MicroStrategy has been working since August 2020 to regularly replace its US dollars with what it considers a store of value, namely bitcoin.

MicroStrategy adopted an exemplary DCA (dollar cost averaging) strategy that allowed it to smooth the cost of its bitcoins. Between the first tens of thousands of BTC bought for just over $11,500 and those few purchases during the 2021 bull market when Bitcoin repeatedly topped $60,000, MicroStrategy did well.

Indeed, while many believe we are at or near the bottom of the market and everyone agrees to talk about crypto winter, MicroStrategy’s 130,000 BTC cost is not all that far off course, at around $30,600. But apparently a big opponent of Bitcoin like Peter Schiff couldn’t help but jump on this (instant?) breach as Bitcoin’s price dropped to $20,000 at the moment.

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MicroStrategy’s bet on bitcoin ‘will lead to bankruptcy’

As soon as Michael Saylor announced MicroStrategy’s latest investment of 301 additional bitcoins, Peter Schiff jumped at the opportunity to criticize them and promise them the worst via his Twitter account:

“Basically, your company has already lost about $1.5 billion (40%) because of your bitcoin bet. But in addition, if you try to sell, bitcoin will collapse, which will greatly increase the realized losses. MSTR’s foray into Bitcoin turned into a disaster. Shareholders should sell while they can. »

PeterSchiff continues to criticize MicroStrategy for buying BTC – Source: Twitter

And when a netizen replies to Peter Schiff that MSTR shares (despite the current crypto bear market) have risen in price since this “bitcoin bet” started, this big gold maniac continues his reproaches and even incites shareholders to resell their MSTRs. stocks, which he considers “in a huge bubble.”

To the point that, according to Peter Schiff, MicroStrategy “might even go bankrupt.” It must be said that last year this “gold bug” investor still managed to criticize bitcoin when he had to admit and apologize for saying that bitcoin would never exceed $50,000. Therefore, it is not surprising that Peter Schiff is now using the weakness of the cryptocurrency markets to shoot the ambulance.

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