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Gold Bull Peter Schiff Calls MicroStrategy's Bitcoin Purchase 'Hail Mary' Attempt To Avoid Liquidation

Published 21/12/2022, 13:01
© Reuters.  Gold Bull Peter Schiff Calls MicroStrategy's Bitcoin Purchase 'Hail Mary' Attempt To Avoid Liquidation
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Benzinga - Peter Schiff's recent post has sparked a heated debate about the move by prominent Bitcoin (CRYPTO: BTC) maximalist Michael Saylor to add BTC to MicroStrategy's (NASDAQ: MSTR) balance sheet.

What Happened: Schiff's suggestion was that this was a 'Hail Mary' attempt to avoid the company's inevitable liquidation. However, other Bitcoin bulls rushed to Saylor's defense, insisting that holding Bitcoin in a portfolio could be a wise decision.

See More: Best Crypto Day Trading Strategies

A Twitter user said that it was a rational move for every company with a balance sheet that is inflated away at current rates to buy something scarce and desirable. “It just so happens that Bitcoin is the scarcest and most desirable asset the world has ever seen.”

Schiff was unconvinced, claiming that Bitcoin was far from scarce and in "no way" desirable. He proposed that it would inevitably lead to losses, and urged investors not to buy it.

Dan Held, director of Growth Marketing at Kraken, joined the conversation and drew a similar comparison between gold and Bitcoin.

Price Action: At the time of writing, Bitcoin was trading at $16,812, up 0.27%, according to Benzinga Pro data.

Read Next: Bitcoin, Ethereum, Dogecoin Spike After Bank Of Japan Pivot: Trader Says This Could Be 'Massive' Trigger For Relief Run

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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