Canadian Billionaire Takes Aim at Saylor..."Worst Thing to Happen to Bitcoin"

▲ Bitcoin (BTC), Bear Market/AI Generated Image

Canadian billionaire investor Frank Giustra directly criticized Michael Saylor, Chairman of Strategy (MSTR), saying he was “the worst thing to happen to Bitcoin (BTC).” Saylor's long-term accumulation strategy has also come under fierce criticism as Strategy once again sold over $100 million worth of Bitcoin.

According to crypto media outlet U.Today on August 3 (local time), Giustra claimed that after Strategy additionally sold 1,637 BTC, Saylor caused more harm than good to Bitcoin. The sale amounted to approximately $102.3 million.

Even after the sale, Strategy still holds 842,138 BTC. The value of its holdings is approximately $52.65 billion. It maintained its position as the company holding the most Bitcoin. Saylor explained that this sale was a measure to strengthen the company's balance sheet.

An X (formerly Twitter) user claimed that Giustra's criticism stemmed from his defeat in a debate with Saylor in 2021. Giustra countered, “During the debate on April 16, 2021, Bitcoin was at $65,000 and gold was at $1,700. My argument ends there.” The long-standing conflict between Giustra, a gold proponent, and Saylor, who has represented institutional investment in Bitcoin, has reignited.

Bitcoin critic Peter Schiff also raised issues with Strategy's fund management. Schiff pointed out that the company sold approximately 1,638 BTC and over 3 million MSTR shares last week to secure cash and repurchase STRC preferred shares. Strategy's year-to-date Bitcoin returns have dropped to 3.5%, a 74% decline compared to its May peak.

Schiff argued that STRC has become a “heavy burden” weighing on Strategy. He explained that maintaining this financial structure would require selling more Bitcoin and continuously issuing common stock. He also refuted claims that the series of transactions benefited common stock shareholders, maintaining his previous stance that Strategy is in a “death spiral.”

[Article Key Summary]

-Frank Giustra criticized Michael Saylor as “the worst thing to happen to Bitcoin” after Strategy sold 1,637 BTC.

-Strategy sold approximately $102.3 million worth of Bitcoin but maintained its position as the largest corporate holder with 842,138 BTC.

-Peter Schiff warned that the STRC financial structure could lead to further Bitcoin sales and common stock issuance.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*