Biggest Bitcoin bear on market clashes with biggest bull on market
One of the most popular bulls on the market admitted that purchasing Bitcoin was the only way to avoid the liquidation of his company, or at least that is what Peter Schiff says about prominent Bitcoin maximalist Michael Saylor and his company, MicroStrategy.
As Schiff’s post suggests, adding digital gold to the balance sheet was basically a “Hail Mary” to avoid the liquidation of the company. Other Bitcoin bulls rushed to defend Saylor’s company and suggested that holding Bitcoin could be a wise way of rebalancing a portfolio.
For the first time I heard @saylor admit that adding #Bitcoin to the @MicroStrategy balance sheet was basically a Hail Mary to avoid liquidating the company. If the only thing $MSTR has going for it is a leveraged speculative position in Bitcoin, than it has nothing going for it.
— Peter Schiff (@PeterSchiff) December 20, 2022
Schiff disagreed, saying that Bitcoin leads to nothing but extended losses and is hardly scarce and in “no way” desirable. At the end, he added that no one needs to buy Bitcoin, which is an expected suggestion Schiff makes every time the digital gold comes up.
Dan Held has also joined the conversation and used gold in a similar manner to Schiff’s Bitcoin example. Others highlighted how Schiff has been forced to liquidate his bank, while Wells Fargo was fined 2% of its market value. Bitcoin supporters suggested that if Schiff held his money in Bitcoin, he would still have his funds intact.
Schiff has been notoriously criticizing Bitcoin and everyone who has been publicly promoting it as an investment and volatility exposure tool. In contrast, Schiff has been actively advocating for gold, which has been rallying on the market in the past few weeks, while Bitcoin has been struggling to maintain the same level and gain some kind of foothold.
Michael Saylor, on the other hand, stays bullish and has made it clear numerous times in the past: the company is more than comfortable with current market conditions and remains perfectly healthy from a financial standpoint.