Peter Schiff has long voiced anti-Bitcoin (BTC) concerns and sentiment, and he continues to do so to this day. Most recently, he has now targeted MicroStrategy’s CEO, Michael Saylor, regarding his plans surrounding the flagship cryptocurrency. Michael has been steadily acquiring more and more BTC at seemingly every chance he gets, as he believes that by doing so, MicroStrategy will profit immensely in the future.
Peter Schiff, on the other hand, does not think this way, far from it, in fact. He is the Chief Executive Officer of Euro Pacific Capital and prefers gold to Bitcoin. He has thus mocked Michael and believes that the MicroStrategy CEO is going to store so much BTC that he will end up ‘taking it to the grave.’
Does Michael Saylor want to hold BTC forever?
The MicroStrategy CEO has discussed Bitcoin this past Friday on Bloomberg TV, where he admitted to viewing BTC as a long-term investment. He truly believes that Bitcoin is a form of ‘digital property that will eventually be accepted by everyone, including retail and institutional investors, banks, governments, and entire countries. Regarding MicroStrategy’s plan for storing Bitcoin, Michael stated that the consistent purchasing of BTC is undoubtedly expensive. However, it will pay off eventually.
Of course, Michael is open to altering this strategy should things change as Bitcoin’s price is often subject to extreme volatility and can drastically drop when least expected, as was the case when BTC mining in China had been outlawed by the Chinese government a while ago, which had caused BTC to experience a massive dip. Still, Michael hopes that something like that will not happen again, as he intends for MicroStrategy to successfully hold BTC ‘forever.’
Peter thinks Michael has ‘lost his mind’
In what many have considered being an action that was completely uncalled for, Peter has insulted Michael and his decision to hold the flagship crypto ‘forever,’ as he believes that the MicroStrategy CEO will be accumulating and storing BTC ‘till the day he dies. He believes that Michael has hence completely lost his mind and that his so-called strategy is not going to work as well as he thinks it is.
Regardless, there is an abundance of Bitcoin supporters who would like to pass on any BTC being held on to the next generation, which involves both children as well as grandchildren. However, others believe that it is still too early for Bitcoin to be considered as such a long-term asset and that it would be wise to sell before it is too late.