Peter Schiff Encourages MicroStrategy Founder Micheal Saylor To 'Borrow' Another $4.3B To Buy Bitcoin That US Plans To Sell

10/11/2024 01:52

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. Don't Miss: This Jeff Bezos-backed startup will allow you to become a landlord in just 10 minutes, and you only need $10

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.

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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.

It looks like the U.S. government is getting ready to sell 69,370 #Bitcoin, worth about $4.3 billion at current market prices. Every once in a while, the government does something smart. I think @saylor should have $MSTR borrow another $4.3 billion and buy it. Who agrees with me?
— Peter Schiff (@PeterSchiff) October 8, 2024

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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%.

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This article Peter Schiff Encourages MicroStrategy Founder Micheal Saylor To 'Borrow' Another $4.3B To Buy Bitcoin That US Plans To Sell originally appeared on Benzinga.com