The gold price shot up to an all-time high on Monday and that is of course a reason for Peter Schiff to make fun of some bitcoiners. This time Mark Cuban and Michael Saylor have to pay the price for preferring bitcoin over gold.
Peter Schiff starts war against bitcoiners
Peter Schiff has been concerned about bitcoin for years and this time he is angry about the fact that the media pays more attention to the digital currency than to his favorite gold.
“Despite gold’s surge of $33 today, putting it at its all-time high during US trading hours, the only time I heard gold mentioned was on CNBC by Mark Cuban; who said he won’t buy gold.
Instead, he bragged about choosing bitcoin over gold. This shark is swimming in the wrong tank,” thus Peter Schiff.
By the way, the successful Mark Cuban does not only invest in bitcoin. He also invested substantial amounts of money in various altcoins, demonstrating his belief in the potential of blockchain technology in general.
Someone who focuses purely and solely on bitcoin is of course Michael Saylor of MicroStrategy.
Schiff lashes out at MicroStrategy and Michael Saylor
Peter Schiff’s criticism also reached the address of Michael Saylor and his MicroStrategy. The latter is of course the company that has been purchasing bitcoin for the company’s treasury since August 2020 and has since collected 193,000 bitcoin.
MicroStrategy plans to sell $600 million in convertible bonds, which they can then use to purchase more bitcoin.
Peter Schiff believes that such strategies can cause huge losses in the long term. With the potential even the bankruptcy of MicroStrategy.
“Bitcoin will kill Michael Saylor and sink MicroStrategy,” said Peter Schiff.
Correct, Bitcoin will kill Saylor and sink MSTR.
— Peter Schiff (@PeterSchiff) March 4, 2024
Despite Peter Schiff’s harsh words, MicroStrategy is still billions of dollars in profits on its bitcoin investments. In that respect, the gold lover has been wrong for years with his criticism of the digital currency.
Source: https://bitcoinmagazine.nl/nieuws/econoom-bitcoin-gaat-microstrategy-vernietigen
