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“Running out of Firepower”: Schiff Roasts Saylor’s Latest Bitcoin (BTC) Purchase
As the cryptocurrency market continues to fluctuate wildly, MicroStrategy CEO Michael Saylor has found himself at the receiving end of criticism from none other than notorious Bitcoin skeptic Peter Schiff. In a recent statement, Schiff slammed Saylor’s latest Bitcoin purchase, citing concerns over the company’s aggressive approach to accumulating the digital currency.
For context, MicroStrategy has been aggressively buying up Bitcoin since 2020, with their holdings currently valued at an astonishing $3.5 billion. However, this rapid expansion of their cryptocurrency portfolio has led many to question whether the company is leveraging its capital to fund these purchases, potentially putting the entire operation at risk.
Schiff, who has long been a vocal critic of Bitcoin and cryptocurrencies in general, took aim at Saylor’s recent purchase, claiming that MicroStrategy is “running out of firepower.” He believes that if the price of Bitcoin were to drop significantly, the company would be forced to sell their holdings en masse, triggering a massive selloff and potentially devastating effects on the broader market.
While Schiff’s remarks have sparked heated debate within the cryptocurrency community, it’s difficult to ignore his points. As an investment firm, MicroStrategy’s business model is built around leveraging capital to purchase assets, which has led many to question whether they can sustain this pace indefinitely.
It remains to be seen how MicroStrategy will respond to these concerns and whether Schiff’s warning will come to pass.
Source: u.today
