Peter Schiff Mocks Michael Saylor, Recommends He Buy the 69K Bitcoin the US Government Plans to Sell
- Patricia ArquetteOriginal
- 2024-10-09 16:10:15349browse
Renowned economist Peter Schiff poked fun at Michael Saylor, recommending that the MicroStrategy Inc. MSTR boss buy the huge stash of Bitcoin BTC/USD
Renowned economist Peter Schiff poked fun at Michael Saylor on Tuesday, recommending that the MicroStrategy Inc. (NASDAQ:MSTR) boss buy the huge stash of Bitcoin (CRYPTO: BTC) that the U.S. government is planning to sell.
On Tuesday, Schiff took to Twitter (NYSE:TWTR) to express his views on the U.S. government’s decision to sell 69,370 BTC that it had seized from the dark web marketplace Silk Road.
Earlier this week, the Supreme Court declined to hear a case that would have challenged the government’s ownership of the seized funds, opening the door for future liquidations.
“Every once in a while, the government does something smart. I think Michael Saylor should have MicroStrategy borrow another $4.3 billion and buy it,” Schiff said, mocking the company’s Bitcoin reserve strategy.
It looks like the U.S. government is getting ready to sell 69,370 #Bitcoin, worth about $4.3 billion at current market prices. Every once in a while, the government does something smart. I think @saylor should have $MSTR borrow another $4.3 billion and buy it. Who agrees with me?
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Schiff’s suggestion is especially ironic given his past criticism of Saylor and his approach to Bitcoin. Schiff has slammed the trend of companies adding Bitcoin to their balance sheets, arguing that it is a gamble with shareholder’s funds.
He has also questioned the “never sell your Bitcoin” strategy that Saylor advocates, which was also endorsed by presidential hopeful Donald Trump on the campaign trail.
The “Bitcoin strategy playbook” has helped turn around MicroStrategy’s fortunes, with the company’s stock surging by 1,208% since August 2020, while Bitcoin itself rose just 445%.
Price Action: At the time of writing, Bitcoin was trading at $62,296.78, down 0.51% over the past 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy were up 3.28% during Tuesday’s regular trading hours.
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