Biggest Bitcoin bear on market clashes with biggest bull on market
One of the market’s most popular bulls admitted that buying bitcoin was the only way to avoid the liquidation of his company, or at least that’s what Peter Schiff did. They say About leading bitcoin extremist Michael Saylor and his company MicroStrategy.
As Schiff’s post suggests, adding digital gold to the balance sheet was basically a “Hail Mary” to avoid the liquidation of the company. Other Bitcoin bulls rushed to defend Saylor’s company and suggested that holding Bitcoin could be a wise way of rebalancing a portfolio.
Schiff disagreed, saying that bitcoin offers nothing more than extended losses and that it is hardly scarce and not “in any way” desirable. Finally, he added that no one needs to buy bitcoin, which is an expected suggestion that Schiff makes every time digital gold comes up.
Dan Held has also joined the conversation and used gold in a similar manner to Schiff’s Bitcoin example. Others highlighted how Schiff has been forced to liquidate his bank, while Wells Fargo was fined 2% of its market value. Bitcoin supporters suggested that if Schiff held his money in Bitcoin, he would still have his funds intact.
Schiff has been critical of bitcoin and all those who are publicly promoting it as an investment and volatility exposure tool. In contrast, Schiff has been actively advocating for gold, which has been rallying in the market over the past few weeks while bitcoin is struggling to maintain the same levels and gain some sort of grip.
Michael Saylor, on the other hand, stays bullish and has made it clear numerous times in the past: the company is more than comfortable with current market conditions and remains perfectly healthy from a financial standpoint.
