Peter Schiff, known for his sharp critiques of Bitcoin, has once again directed his attention towards Michael Saylor, the CEO of MicroStrategy, as Bitcoin’s price falls below $80,000. In a direct tweet, Schiff challenged Saylor, urging him to double down on his Bitcoin investments. “Now that Bitcoin is below $80K, if you want to prevent it from crashing below your average cost of $68K, you had better back up the truck with borrowed money today and go all in,” Schiff posted.
This is not the first instance of Schiff taking aim at Saylor’s aggressive strategy involving Bitcoin. Recently, when MicroStrategy’s stock saw an 11% decline, Schiff didn’t miss the chance to comment, adding fuel to the fire of the ongoing feud between the two.
At the time of writing, Bitcoin (BTC) is trading at $78,950.85, reflecting a 5.36% drop in the last 24 hours. The cryptocurrency’s market capitalization currently stands at $1.56 trillion, with a 24-hour trading volume of $42 billion, marking a significant increase of over 190%.
In a subsequent exchange, a crypto trader attempted to argue that the overall market downturn was affecting all assets, not just Bitcoin. Schiff, however, countered, highlighting Bitcoin’s purported role as a “safe haven” or store of value. He remarked, “If during market selloffs it crashes more than other assets, what value does it offer investors?”
The conversation took a sharper turn when another user speculated about the risks of Saylor’s high-leverage crypto strategy. Schiff, unfazed, bluntly predicted, “It will end with the bankruptcy of MSTR.”
Schiff’s ongoing critique of Bitcoin and Saylor’s bold financial moves has become a familiar topic within cryptocurrency discussions. As Bitcoin struggles around a crucial psychological price point, it’s clear that the tensions between the two prominent figures—and the commentary surrounding it—are far from over.
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