Peter Schiff Encourages MicroStrategy Founder Micheal Saylor To ‘Borrow’ Another $4.3B To Buy Bitcoin That US Plans To Sell: ‘Once In A While, The Government Does Something Smart’
By Benzinga
Renowned economist Peter Schiff poked fun at Michael Saylor, recommending that the MicroStrategy Inc. (NASDAQ:MSTR) boss buy the huge stash of Bitcoin (CRYPTO: BTC) that the U.S. government planned to sell.
What Happened: On Tuesday, Schiff took to X to express his views on the U.S. government’s decision to sell 69,370 BTC it had seized from the dark web marketplace Silk Road.
Earlier in the week, the Supreme Court declined to hear a case challenging the government’s ownership of the seized funds, clearing 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.
Why It Matters: Schiff’s suggestion is particularly noteworthy given his previous criticism of Saylor and his approach to Bitcoin. He has previously slammed the trend of companies including Bitcoin on their balance sheets, arguing that it is a gamble with shareholder’s funds.
He has also questioned the ‘never sell your Bitcoin’ strategy advocated by Saylor, also backed by presidential hopeful Donald Trump on the campaign trail.
The “Bitcoin strategy playbook” has been successful in turning around MicroStrategy’s fortunes, with the company’s stock surging by 1208% since August 2020, while Bitcoin itself rose just by 445%.
Price Action: At the time of writing, Bitcoin was exchanging hands at $62,296.78, down 0.51% in the last 24 hours, according to data from Benzinga Pro. Shares of MicroStrategy bounced 3.28% during Tuesday’s regular trading hours.
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