A well-known gold advocate denounced MicroStrategy’s investment plan to purchase more Bitcoin and build up its crypto reserve.
Peter Schiff, a vocal critic of the firstborn cryptocurrency, also slammed the pro-crypto stance of President-elect Donald Trump, arguing that it is detrimental to the country.
MicroStrategy’s Bitcoin Investment Strategy
MicroStrategy revealed that it has a $42 billion investment strategy to buy more Bitcoin in the next few years.
Analysts said that the American development company is known for purchasing a great deal of cryptocurrency regardless of market fluctuations.
Reports stated that MicroStrategy recently bought 55,500 BTC worth $5.4 billion, allowing the company to strengthen its position in the crypto sector.
As of press time, MicroStrategy owns 386,700 BTC worth over $36 billion, putting the firm among the biggest corporate holders of cryptocurrency.
A Dangerous Bet
Schiff criticized MicroStrategy’s continuous purchase of the digital asset, denouncing the $42 billion investment plan to acquire more Bitcoin within three years.
The Bitcoin critic described MicroStrategy’s BTC investment plan as “a dangerous bet.”
It’s now been four weeks since $MSTR announced its three-year plan to spend $42 billion buying #Bitcoin. MSTR has already spent $10 billion. At this rate, the three-year plan will be completed in about 16 weeks. Once the buying is done, expect both Bitcoin and MSTR to crash.
— Peter Schiff (@PeterSchiff) November 26, 2024
“At this rate, the three-year plan will be completed in about 16 weeks,” Schiff said.
He sees the price hike brought by what is called MicroStrategy’s “bold plan” will b
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Author: Christian Encila
