Bitcoin and MicroStrategy – This billionaire promises them ruin

Promise of bankruptcy to MicroStrategy – If there is one thing that cannot be blamed on Michael Saylor and his business MicroStrategy, it is their constancy. Since 2020, they regularly buy bitcoins (BTC). With his last and very recent purchase of 301 BTC additional, the Treasury of MicroStrategy has even just reached the 130,000 bitcoins in total. A annoying situation at the highest point Peter Schiffa lifelong enemy of Bitcoin.

Michael Saylor and company are Bitcoin DCA pros

The company MicroStrategylisted on the NASDAQ stock exchange (MSTR share), has been working since August 2020 to replace US dollars regularly by what she considers a store of valueto know Bitcoin.

MicroStrategy applied a DCA strategy (Dollar Cost Averaging) exemplary, which allowed him to smooth the cost price of his bitcoins. Between his first tens of thousands of BTC purchased for just over $11,500and these few purchases during the bull run of 2021, where Bitcoin surpassed the $60,000MicroStrategy did pretty well.

Indeed, while many consider that we are in or close to a market low pointand that all agree to speak ofcrypto winterthe cost price of MicroStrategy’s 130,000 BTC is ultimately not that far off course, at around $30,600. But obviously a big detractor of Bitcoin, like Peter Schiffcould not help rushing into this (temporary?) breach, with a bitcoin price which has therefore fallen for the moment to $20,000.

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MicroStrategy’s Bitcoin bet ‘will cause bankruptcy’

No sooner had Michael Saylor announced MicroStrategy’s latest investment in an additional 301 bitcoins than Peter Schiff jumped at the chance to criticize and their promise the worstvia his account Twitter :

“Basically, your company has already lost around $1.5 billion (40%) on your Bitcoin bet. But in addition, if you try to sell, Bitcoin will crash, which will significantly increase realized losses. MSTR’s foray into Bitcoin has been a disaster. Shareholders should sell while they can. »

PeterSchiff continues to criticize MicroStrategy’s BTC purchases – Source: Twitter

And when a netizen replies to Peter Schiff that MSTR stocks have (despite the current crypto bear market) valued since the beginning of this “Bitcoin bet”this great monomaniac fan of gold continues his reproaches and incites even the shareholders to resell their MSTR titles he considers “in a huge bubble”.

So much so that MicroStrategy “could even go bankrupt” according to Peter Schiff. It must be said that last year, this investor “goldbug” still manage to criticize Bitcoin, when he had to admit and apologize for saying that BTC would never exceed $50,000. It is therefore not surprising that Peter Schiff is now taking advantage of the weakness of the crypto markets to shoot the ambulance.

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John R. Zepeda

I have extensive experience working as a content writer in the areas of cryptocurrencies and finance, where I create interesting pieces that both inform and engage their audiences.

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