Peter Schiff calls MicroStrategy’s Saylor “mad” for trying to Pump Bitcoin

By Palak Malhotra
Published July 31, 2021 Updated July 31, 2021
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Peter Schiff calls MicroStrategy’s Saylor “mad” for trying to Pump Bitcoin

By Palak Malhotra
Published July 31, 2021 Updated July 31, 2021

Peter Schiff, the CEO of Euro Pacific Capital and a known gold enthusiast has taken to Twitter against MicroStrategy’s CEO, Michael Saylor’s stance. Schiff mocked Saylor on his recent comment about holding BTC “forever”.

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Peter Schiff calls Saylor “mad” and argues that BTC has no value, so even if Saylor takes it with him to his grave, it won’t buy him anything in the afterlife.

The tweet battle continued with Michael Saylor’s reply, advising Schiff to sell his gold instead of building a tomb for himself and his traditional possessions, as the latter would not stay safe. He also attached an article that described tomb robbing in ancient Egypt.

“Additionally, Saylor promoted Bitcoin’s longevity and flexibility as a currency, stating that “You can take Bitcoin anywhere in time and space. It is the future of property and property rights.”

MicroStrategy’s investment plans revolve around BTC

MicroStrategy’s 10-year plan incorporates more BTC as the CEO argues that Bitcoin is a “digital property network” that is soon to be used by billions of people holding this digital property. MicroStrategy plans to be ahead of time and the masses by accumulating as many BTC as possible.

Saylor confirmed that their company strategizes around Bitcoin, and would continue to buy more of it as there is a limited 21 million supply.

He said that the market condition would guide the mode of payment through which they’d buy BTC, but the only affirmative here is that MicroStrategy will continue to add more BTC to their portfolio.

“We think holding Bitcoin for the long term is the highest upside, lowest risk strategy we can pursue. Some people think diversification means buy other types of cryptocurrencies or buy kinds of equities. We think that by holding Bitcoin we have diversified because we can see Bitcoin sitting on the balance sheets of cities, states, governments, companies, small investors, big investors, and ultimately we think Bitcoin is going to be the core to big tech innovation at apple, amazon, and Facebook.”, Saylor told Bloomberg.

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Disclaimer
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.
About Author
Palak Malhotra
238 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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