In a broader crypto market correction, Bitcoin has tanked over 5% slipping below $18,000 levels by losing more than $1000 in a flash. This crash comes just at a time when BTC was making efforts to surge past its all-time high of $20,000. At press time, BTC is trading 5.18% down at 17,847 with a market cap of $331 billion.
While the Bitcoin optimists see it as an opportunity to grab more, some pessimists are patting their own back for avoiding any participation. Long-time Bitcoin critic Peter Schiff gets one more chance to call it a Bitcoin bubble. In his recent tweet, Schiff notes:
“Why do so many Bitcoin HODLers think I dont get Bitcoin because I’m too dumb to understand it? Remember in every bubble those who don’t participate always look like fools for missing out. It’s only after the bubbles pop and the air comes out that the real fools are exposed”.
While Schiff calls himself smart enough, he ignores the fact that even with the recent crash, BTC is 140% year-to-date, and nearly 200% up from its 2020-low. It is clear that BTC is way ahead of Schiff’s favorite assets Gold. But Schiff doesn’t stop just here! He even tries to school MicroStrategy’s Michael Saylor who has invested $425 million in BTC at around $10,8000 levels.
Peter Schiff Calls It Inappropriate to Gamble Investors’ Funds
Business Intelligence Firm MicroStrategy Inc (NASDAQ: MSTR) is listed publicly on the Nasdaq exchange. The company has poured its excess cash from the Treasury into Bitcoin as a potential hedge. Other financial market researchers like Citron has noted that MSTR can be investors’ best bet in the stock market.
The MSTR share price is already up 100% since MicroStrategy disclosed its BTC investments in September. Also, the company reported having the best third-quarter in 2020, ever in its history. In his recent interview with CNBC’s Fast Money, Saylor said that Google and Apple can soon put their excess cash into Bitcoin.
— CNBC's Fast Money (@CNBCFastMoney) November 25, 2020
Peter Schiff once again gives his unsolicited advice about using the excess cash reserves. He asks Saylor that instead of gambling with investors’ funds, he should rather distribute dividends.
I think its improper for @michael_saylor to gamble shareholder funds on #Bitcoin. If MicroStrategy does not have a productive use for its excess cash, it should start paying dividends. Then shareholders who want to roll the dice on Bitcoin can do so with their own money.
— Peter Schiff (@PeterSchiff) November 25, 2020
Entire Crypto Market In Correction
As Bitcoin (BTC) loses over 5%, altcoins have dropped even further. At press time, Ethereum (ETH) is down by 9.42% while XRP is down by 10.59%. Almost all other altcoins have crashed over 10% as the overall crypto market cap is down by 6.89%. The latest BTC crash also wiped-off all its gains over the last week.