Home/Bitcoin News

Michael Saylor Slays Peter Schiff By Buying An Additional 2,574 Bitcoins (BTC)

By Bhushan Akolkar
December 5, 2020 Updated December 5, 2020
Best In

Earn

17% APR

Telegram

Coingape
Bitcoin-vs-Gold

Just at the time when Peter Schiff’s anti-Bitcoin rant continues, financial institutions and investors continue to double down their bets on BTC.

Later on Friday, December 4, Michael Saylor’s business intelligence firm MicroStrategy announced the purchase of an additional 2,574 Bitcoins worth $50 million. MicroStrategy is one of the biggest buyers and public listed companies to buy Bitcoin as an inflation hedge.

Previously, by September 2020, the business intelligence bought Bitcoins worth $425 throughout 2020. The latest buy takes the companies total purchase to $475 million worth of BTC. With this, MicroStrategy holds 41,000 Bitcoins (BTC) or 2% of the entire supply.

Interestingly, the latest purchase comes at a time when Bitcoin is already trading close to its all-time high. This goes to show that the company is expecting some targets ahead for Bitcoin ahead in 2021. Many financial analysts have already given six-figure targets above $100K for BTC price in 2021.

However, Schiff continues to rejoice in the fact that Bitcoin (BTC) hasn’t yet moved past $20,000. He still hints at the possibility of a double-top at this point and expects a possible correction.

Investors Peter Schiff might be right based on his market experience and the study of charts, however, he simply seems to be refusing to acknowledge the fact that Bitcoin is already trading at a 160% premium year-to-date. Even if Bitcoin goes to correct say 30% as per its historical trends, it will still end up with 100% gains from the beginning of 2020 and over 200% gains from its March 2020 lows.

Grayscale’s Drop Gold Campaign Triggers Peter Schiff Even More

Digital asset manager Grayscale has witnessed massive inflows to its Grayscale Bitcoin Trust (GBTC) which now manages $10.5 billion worth of assets under management. Recently, even big financial giants like Guggenheim are planning to invest in Bitcoin through GBTC.

To promote its GBTC, Grayscale has recently launched its Drop Gold campaign in a move to attract institutional players to buy their GBTC shares.

Well, this has triggered Peter Schiff the most who has gone on an all-out attack suggesting how beneficial it is to buy Gold mining stocks rather than GBTC shares.

Interestingly, while gold has appreciated around 30% year-to-date, Bitcoin is trading at a 160% premium. Even the GBTC shares (OTCMKTS: GBTC) are trading at a 200% premium and the MicroStrategy stock (NASDAQ: MSTR) is trading at a 120% premium year to date.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Stories View all
20220516_171124_0000
Ex Goldman Sachs CEO Is Predicting a Recession
jpg_20220516_172145_0000
Police Investigates LUNA Investor Who Trespassed Do Kwon’s House
jpg_20220512_133037_0000
South Korea Accelerates Crypto Regulations After LUNA crash

Next Story