Categories: Bitcoin News News

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

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”.

advertisement

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

advertisement

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.

advertisement
Palak Malhotra

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

Share

Recent Posts

  • Sponsored

After a Successful IDO, TOMI Token is off to a Flying Start

Investors have shown a keen interest in the TOMI token since the team decided to…

5 hours ago
  • Altcoin News
  • Bitcoin News
  • News
  • Regulation News

China Crypto Ban: Here’s Five Critical Things You Should Know

People's Bank of China (PBOC) issued fresh guidelines to eliminate all forms of crypto use…

2 hours ago
  • Altcoin News
  • Bitcoin News
  • News

Crypto Market Enters Sharp Correction After China Declares Crypto Transactions As Illegal

Over the last two hours from press time, the crypto market has collectively lost a…

3 hours ago
  • Bitcoin News
  • News
  • Regulation News

China Central Bank Issues Detailed Crypto Crackdown Guidelines, Crypto Market Turns Red

People's Bank of China (PBoC) issued a fresh set of detailed crypto crackdown guidelines today…

5 hours ago
  • Blockchain News

Amber Group Appoints Group of Ex-Goldman Sachs, Morgan Stanley Executives

Leading gobal technology and trading company Amber Group has recently completed a string of appointments…

5 hours ago
  • Press Release

Introducing MetaWars: A Strategic Blockchain-based Game in the Metaverse

Hong Kong, Hong Kong, 24th September, 2021, ChainwireMetaWars is a highly immersive multiplayer strategy game.…

6 hours ago