After Michael Saylor said his company would raise another billion to buy more bitcoin, Peter Schiff called him “truly insane.”
Michael Saylor’s initiative to continue buying more and more bitcoins makes no sense, argued the full-time BTC basher – Peter Schiff. Following the latest development coming from MicroStrategy, in which the company outlined plans to allocate another $1 billion in the asset, the prominent economist called Saylor “truly insane.”
Schiff to Saylor: Truly Insane
If you have followed the cryptocurrency markets even vaguely in the past year, two names should be popping out as the most vocal commentators. On the side of the naysayers stands the popular economist and gold bug – Peter Schiff. On the side of the proponents sits the founder and CEO of MicroStrategy – Michael Saylor.
The two have engaged in quite a few verbal confrontations on the difference of opinion on bitcoin. The latest one came out yesterday after Saylor’s software giant revealed plans to initiate a new securities offering to raise $1 billion. The firm intends to allocate this considerable amount into bitcoin, as it has done in the past.
This is where the BTC critique stepped up. In his opinion, such actions have made Saylor “truly insane.” Schiff believes MicroStrategy already has “more than enough” exposure to bitcoin, and if the asset turns out to be as successful as Saylor hopes, he would have made “all your shareholders rich.”
Schiff further alleged Saylor in buying more BTC only to “keep bitcoin from crashing” instead of actually doing something positive for shareholders and investors.
What Has MicroStrategy Done So Much?
With Schiff claiming that MicroStrategy already has plenty of bitcoins in its stack, it’s worth reviewing how big that stash is and what have the company and its leader done for the community.
Although it became evident to the public that MicroStrategy bought BTC in August 2020, the origin of the story can actually be found a few months earlier. As Saylor revealed during the recent Bitcoin Conference in Miami, he started educating himself on the asset’s qualities after the COVID-19 pandemic infiltrated the Western World in early 2020.
His personal first purchase transpired on June 3rd that year. His firm, though, kept on accumulating after August and currently holds over 90,000 coins. Should the company proceed with raising $1 billion and putting it in BTC again, its stack could go well beyond 100,000.
Separately, the firm held a Bitcoin conference for corporations, became a node on the BTC network, and started paying non-employee directors in the primary cryptocurrency instead of cash.
Saylor also released an educational panel on BTC aimed at retail investors and has openly praised the asset on all traditional media outlets he has attended. And, all of this transpired within a year.