- Peter Schiff is still campaigning against Bitcoin.
- The gold advocate has added a new target to his hate train.
- Schiff’s persistent negativity seems to be having little effect.
Peter Schiff’s campaign against Bitcoin (BTC) has lasted years, earning him a moniker as one of the cryptocurrency’s most vocal critics. Despite BTC’s impressive growth over time, Schiff remains steadfast in his opposition, continuously mocking the asset and warning investors to stay away.
Doubling down on his stance, the critic is now going after some of the asset’s biggest backers.
Peter Schiff Takes Jabs at MicroStrategy
MicroStrategy, the American-based software firm known for its Bitcoin commitment, is in Peter Schiff’s crosshairs. In a series of posts on Wednesday, November 27, 2024, Schiff condemned the firm’s streak of purchases, arguing that its strategy is a recipe for disaster.
Sponsored
At the heart of Schiff’s criticism is MicroStrategy’s $42 billion plan to acquire Bitcoin over the next three years. According to the critic, the temporary boost from the buying spree will eventually fade, resulting in a sharp decline in both Bitcoin’s value and MicroStrategy’s stock once the acquisitions cease.
His comments build on previous similar ones, where he claimed the firm’s recent purchases are artificially raising Bitcoin’s price. Schiff argued that MicroStrategy’s approach is unsustainable, predicting it will falter once the company can no longer fund its acquisitions.
However, Schiff’s latest criticism is not the first time he has targeted MicroStrategy. Earlier in November, the Bitcoin hater attacked the firm’s chairman, Michael Saylor, condemning his confidence and commitment to the crypto asset. Yet, like his ineffective ‘anti-Bitcoin’ campaign, his warnings appear to fall on deaf ears.
MicroStrategy Pumps Bitcoin Bag
Since adopting Bitcoin as a key investment strategy in August 2020, MicroStrategy has shown unwavering dedication to its accumulation spree. Over the years, the firm has made multiple billion-dollar purchases, doubling down on its belief in the asset’s long-term potential.
MicroStrategy’s latest acquisition came during the recent market rally, adding 55,500 BTC to its holdings at a cost of approximately $5.4 billion. Thanks to the relentless buying strategy, it now boasts an impressive treasury of 386,700 BTC, valued at over $36 billion.
Chairman Michael Saylor has repeatedly emphasized the firm’s long-term commitment to its Bitcoin holdings, asserting that it has no immediate sell-off plans. Additionally, Saylor remains a vocal advocate for Bitcoin, encouraging other institutions to follow MicroStrategy’s lead.
On the Flipside
- Despite his constant bashing, speculation has swirled that Peter Schiff might secretly own Bitcoin.
- Since MicroStrategy started its buying spree, Bitcoin’s 800% surge defies Schiff’s argument.
- At press time, the crypto market giant is trading over $96,000.
Why This Matters
Peter Schiff’s attack on MicroStrategy is just the latest chapter in his long-running anti-Bitcoin crusade. However, much like his previous efforts, it is unlikely to gain traction or dent MicroStrategy’s bullish stance.
Discover more about the Bitcoin critic’s negative campaign here:
Schiff Continues BTC Rant Even as 93K Surge Defies His Argument
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