Peter Schiff Slams Saylor's Bitcoin Purchases: "It Will Eventually Fall to $0"

▲ Michael Saylor, Bitcoin (BTC) / AI Generated Image

Michael Saylor, chairman of MicroStrategy and a fervent believer in Bitcoin (BTC), continued his aggressive moves, claiming that "Bitcoin's price will surpass $1 million." In response, Peter Schiff, a prominent critic, slammed Saylor's actions as a 'bubble'.

According to a report by virtual asset media The Crypto Basic on April 28 (local time), MicroStrategy recently acquired an additional 3,000 BTC. With this purchase, MicroStrategy's total holdings reached 818,000 BTC. Saylor uses Bitcoin as a core treasury asset for the company. He is confident that Bitcoin's scarcity will drive its value up. MicroStrategy is accelerating its accumulation, driving a supply-demand imbalance in the market.

Schiff directly refuted Saylor's optimism. Through his social media, he dismissed Saylor's forecast as an illusion. Schiff argued that Bitcoin is a digital mirage with no intrinsic value. He warned that Bitcoin's value would eventually converge to $0. He characterized MicroStrategy's use of debt to purchase assets as a dangerous gamble, explaining that investors would suffer massive losses in the event of a market collapse.

Within the virtual asset market, the debate between the two figures is a hot topic. Saylor calls Bitcoin digital gold, emphasizing its decentralized value. In contrast, Schiff maintains that physical gold is the only safe-haven asset. Tensions are rising as Bitcoin's price hovers around $78,000. As MicroStrategy's holding proportion grows, concerns about increased volatility also deepen. Investors are focusing on risk management amid the conflicting outlooks of the two experts.

MicroStrategy's large holdings have the effect of locking up market liquidity. In a downturn, this could increase the risk of large-scale liquidations. For Bitcoin to reach Saylor's target price, full institutional adoption is needed. Resolving regulatory uncertainty and continuous inflow of institutional funds are also prerequisites. Schiff plans to emphasize that his claims were correct every time Bitcoin undergoes a correction. Market participants are closely watching the sharp exchanges between the two figures and preparing countermeasures.

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