Peter Schiff Takes A Dig On Semler Stock Surge After Bitcoin Purchase

On Tuesday, May 28, healthcare firm Semler Scientific (NASDAQ: SMLR) announced the purchase of $40 million worth of Bitcoin as part of its treasury strategy. This announcement propelled the Semler (SMLR) stock price to surge by more than 25%, closing Tuesday’s trading session at $29.00. In the aftermarket hours, the SMLR stock saw an additional 10% increase.

Peter Schiff Takes A Dig At Bitcoin-Buying Companies Liek Semler

Bitcoin critic Peter Schiff took a dig at companies seeking to increase exposure to Bitcoin as part of its treasury. Renowned economist Peter Schiff posed a provocative scenario on social media, suggesting that if all publicly traded U.S. companies sold their assets, ceased operations, and used the proceeds to buy Bitcoin, the value of each Bitcoin could skyrocket to millions. Schiff argued that this move would cause the market capitalization of U.S. stocks to soar, theoretically making everyone wealthy.

One of his followers Pierre responded to Schiff saying “We will be rich. But only you won’t,” considering Schiff’s anti-Bitcoin stand over the years.

Taking a dig further Schiff stated he has significant investments in U.S. oil stocks, expressing confidence that these stocks would surge in value if the companies liquidated their operations to invest in Bitcoin. “I will be rich too,” Schiff remarked, highlighting his optimism about the potential financial gains from such a move.

MicroStrategy, the world’s largest corporate holder of Bitcoin, has given multi-fold returns since the beginning of 2023, consistently outbeating Bitcoin’s returns. This shows that Wall Street investors seem to be a lot more interested in companies that have exposure to BTC.

In addition to Semler Scientific, Japan’s public-listed firm Metaplanet also announced increasing its Bitcoin exposure on Tuesday. The company announced a board resolution to purchase ¥250 million worth of Bitcoin as part of its recent strategic plan.

Schiff Bets on Gold and Silver

Peter Schiff, who prefers commodities doubled down his stand on Gold and Silver. He expects a parabolic rally in both the metal commodities in the coming days.

Schiff noted that the iShares Silver Trust ETF (SLV) recently achieved its highest close since January 2013. At that time, gold was priced below $1,700, whereas it recently closed above $2,360, reflecting a 40% increase. Despite this, silver’s price has remained flat. Schiff suggests that if silver closes this performance gap without any change in gold’s price, silver could rise above $45.