- Peter Schiff, outspoken economist and gold maximalist, has posted on social media calling MicroStrategy (MSTR) the “most overvalued stock”.
- The tweet comes as MicroStrategy continues to soar, with the company’s assets growing by 20x since the start of the decade.
- The crypto community leaped to MicroStrategy’s defence, accusing Schiff of attempting to manipulate the market himself by shorting Bitcoin.
Peter Schiff does not like Bitcoin.
Therefore, Peter Schiff does not like MicroStrategy.
If you’ve followed the crypto scene at all over the past few years, you’ve probably come across the headline “MicroStrategy buys a gazillion Bitcoin…again.”
The company is by far the largest corporate holder of BTC, owning an almost unfathomable 214,400 BTC – currently valued at over US $14b (AU $21b).
Related: Australian Analyst Says Bitcoin Has Entered ‘Most Volatile Week’ Yet
Peter Schiff believes that these holdings have significantly inflated the value of MicroStrategy’s share price (which is up 60% over the past six months).
By the same token, Schiff also believes that Michael Saylor’s constant Bitcoin purchases have significantly inflated the value of Bitcoin.
Thankfully, just like most other staunch BTC haters, Schiff’s predictions have repeatedly been proven wrong.
Crypto Twitter Leaps to MicroStrategy’s Defence After Warning Tweet
Schiff came onto X (formerly Twitter) with a bang last night, posting an unprompted assault on MicroStrategy, Saylor, and by extension, Bitcoin.
Although the tweet didn’t directly mention crypto or BTC, there’s no disguising Schiff’s true intentions given his anti-digital currency track record.
Of course, crypto’s famously polite and accommodating Twitter community quickly got to work, showering Schiff with an array of friendly responses.
Michael Saylor’s Love for Bitcoin May Actually be Eclipsed by Peter Schiff’s Love for Gold
Schiff placing a target on the back of Michael Saylor and MicroStrategy is a little ironic.
This is because there’s probably only one other relationship that’s as intense as the one Saylor shares with Bitcoin – and that’s Peter Schiff and gold.
Related: Paul Tudor Jones Long on Bitcoin and Gold, Says ‘All Roads Lead to Inflation’
The man adores gold. It’s his life’s work – Schiff has built several impressive ventures including a gold and silver brokerage firm and a relatively popular radio program.
To be fair, it’s natural for a gold lover to be threatened by Bitcoin, an asset constantly touted as a digitised, superior version of the precious metal.
But Schiff’s random attack on MicroStrategy and by extension, Bitcoin, doesn’t hold a heap of weight when his past proclamations of crypto’s downfall have yet to ring true.
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