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‘Imagine If You Tried to Sell’: Schiff Slams Saylor’s $555 Million Bitcoin Move
Peter Schiff, a well-known critic of the cryptocurrency market, has taken aim at Michael Saylor, the CEO of MicroStrategy, for his company’s massive Bitcoin investment. In a recent tweet, Schiff stated that he would like to “imagine” what would happen if Saylor tried to sell his $555 million Bitcoin stash.
Schiff, known for his bearish views on the cryptocurrency market, claimed that such an event would have catastrophic consequences for the market and potentially trigger a crash. He emphasized that MicroStrategy’s decision to hold onto their Bitcoin rather than selling it is what has helped push prices up.
The controversy surrounding Schiff’s comments stems from the fact that some analysts warn of a potential drop in Bitcoin or MSTR shares, which could lead to Strategy’s debt weakening, forcing asset sales – including potentially dumping millions of dollars’ worth of Bitcoin on the market. This would lead to a flood of supply hitting the market, ultimately driving prices down.
However, Strategy has consistently demonstrated that its approach is focused on holding onto assets rather than selling them. Therefore, it remains unclear what impact Schiff’s hypothetical scenario would have in practice.
In any case, Schiff’s comments only serve as a reminder of the immense influence certain market players and their actions can have on cryptocurrency prices.
Source: https://u.today/imagine-if-you-tried-to-sell-schiff-slams-saylors-555-million-bitcoin-move
