Peter Schiff names the real reason Michael Saylor bought Bitcoin

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Arman Shirinyan

The biggest Bitcoin bear in the market comes up against the biggest bull in the market

One of the market’s most popular bulls has admitted that buying Bitcoin is the only way to avoid his company’s liquidation, or at least that’s what Peter Schiff says of the prominent Bitcoin maximalist Michael Saylor and his company, MicroStrategy.

As Schiff’s post suggests, adding digital gold to the balance sheet was essentially a “Hail Mary” to avoid the company going into liquidation. Other Bitcoin bulls rushed to defend Saylor’s company and suggested that holding Bitcoin could be a smart way to rebalance a portfolio.

For the first time I heard @saylor admit that adding #Bitcoin to @MicroStrategy’s balance sheet was essentially a Hail Mary to avoid liquidating the company. If the only thing $MSTR has to do is speculative leveraged position in Bitcoin, then there is nothing to do.

Peter Schiff (@PeterSchiff) December 20, 2022

Schiff disagreed, saying Bitcoin only incurs prolonged losses and is hardly rare and “by no means” desirable. At the end, he added that no one needs to buy Bitcoin, which is an expected suggestion Schiff makes whenever digital gold appears.

Dan Held also joined the conversation and used gold in a similar way to Schiff’s Bitcoin example. Others pointed to how Schiff was forced to liquidate its bank, while Wells Fargo was fined 2% of its market value. Bitcoin proponents have suggested that if Schiff held his money in Bitcoin, he would still have his funds intact.

Schiff has been a notorious critic of Bitcoin and anyone who has publicly promoted it as a tool for investing and exposure to volatility. By contrast, Schiff has been actively advocating for gold, which has rallied in the market over the past few weeks, while Bitcoin struggles to maintain the same level and gain a foothold.

Michael Saylor, meanwhile, remains optimistic and has made it clear several times in the past: the company is more than comfortable with current market conditions and remains in perfect financial health.

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