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Peter Schiff urges Saylor to take $4.3B loan amid Bitcoin sale

Peter Schiff urges Saylor to take $4.3B loan amid Bitcoin sale

GrafaGrafa2024/10/10 03:45
By:Isaac Francis

Economist and well-known Bitcoin (CRYPTO:BTC) critic Peter Schiff took a sarcastic jab at Michael Saylor, suggesting he take a $4.3 billion loan to buy Bitcoin from the U.S. government. 

Schiff’s remarks on X (formerly Twitter) followed news that the U.S. government plans to sell 69,370 Bitcoin, worth approximately $4.3 billion, seized from the defunct Silk Road marketplace. 

This announcement came after a Supreme Court ruling cleared the way for the sale.

Schiff, co-founder of Echelon Wealth, is a long-time advocate for gold and has criticized Bitcoin as lacking real value. 

His latest comment was aimed at MicroStrategy’s CEO Michael Saylor, who has been a vocal supporter of Bitcoin. 

Schiff quipped, “Every once in a while, the government does something smart,” taking a dig at Saylor’s aggressive Bitcoin investment strategy.

Since 2020, Saylor has led MicroStrategy in purchasing large amounts of Bitcoin. 

Most recently, the company raised over $1 billion and used part of that to buy an additional 7,420 BTC, bringing its total holdings to 252,220 coins, valued at around $16 billion.

Schiff’s post sparked a heated online debate between Bitcoin advocates and critics. 

One user, Henry Scavacini, defended Bitcoin by pointing out its core properties, such as durability, scarcity, and immutability, unique to blockchain-based assets. 

The conversation continued, with many users asserting that Bitcoin represents “hard money” in today’s digital economy.

Despite the pushback, Schiff remained steadfast in his belief that Bitcoin lacks tangible value, stating, “It’s missing the most important [property]. Actual real value.” 

He has long argued that Bitcoin’s popularity distracts from the performance of gold, which he believes holds superior value.

At press time, the Bitcoin price was $60,729.99.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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