Peter Schiff reveals the real reason why Michael Saylor bought bitcoin

One of the most popular bulls on the market has admitted that buying bitcoin was the only way to avoid liquidating his company, or at least that’s what Peter Schiff says On bitcoin maximalist Michael Saylor and his company, MicroStrategy.

As Schiff’s tweet suggests, adding digital gold to the balance sheet was essentially a “Hail Mary” to avoid the company’s liquidation. Other bitcoin supporters rushed to defend Michael Saylor’s company and suggested that holding bitcoins could be a smart way to rebalance a portfolio.

For the first time I heard @saylor admit that adding #Bitcoin to the @MicroStrategy balance sheet was basically a Hail Mary to avoid liquidating the company. If the only thing $MSTR has going for it is a leveraged speculative position in Bitcoin, than it has nothing going for it.

– Peter Schiff (@PeterSchiff) December 20, 2022

Peter Schiff disagrees, saying that bitcoin leads to nothing but prolonged losses and that it is hardly rare and in “no way” desirable. At the end, he added that no one needs to buy bitcoin, which is an expected suggestion Schiff makes whenever digital gold is mentioned.

Dan Held also joined the conversation and used gold in a similar way to Peter Schiff’s bitcoin example. Others pointed out how Schiff was 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.

Peter Schiff has been a notorious critic of bitcoin and all those who have publicly promoted it as a tool for investment and exposure to volatility. In contrast, Schiff has actively advocated for gold, which has rallied in the market in recent weeks, while bitcoin has struggled to hold its ground and gain some sort of foothold.

Michael Saylor, meanwhile, remains bullish and has made this clear many times in the past: the company is more than comfortable with current market conditions and remains perfectly sound from a financial perspective.