Renowned economist Peter Schiff has taken a playful jab at MicroStrategy CEO Michael Saylor, suggesting that the company should purchase the 69,370 Bitcoin seized by the U.S. government from the infamous dark web marketplace, Silk Road. This ironic suggestion comes as the government prepares to sell the Bitcoin, worth approximately $4.3 billion, following the Supreme Court’s ruling in favor of the government’s ownership of the seized funds.
Schiff, known for his skepticism towards Bitcoin, took to X (formerly Twitter) to express his views, stating, “Every once in a while, the government does something smart. I think Michael Saylor should have MicroStrategy borrow another $4.3 billion and buy it.” Schiff’s suggestion is a clear mockery of MicroStrategy’s well-documented Bitcoin reserve strategy, which has seen the company amass a significant Bitcoin holding.
The economist’s suggestion is particularly noteworthy considering his past criticism of Saylor and his approach to Bitcoin. Schiff has previously slammed the trend of companies adopting Bitcoin on their balance sheets, arguing that it is a gamble with shareholder funds. He has also questioned the ‘never sell your Bitcoin’ strategy advocated by Saylor, a strategy that has even garnered support from presidential hopeful Donald Trump.
Despite Schiff’s criticism, MicroStrategy’s Bitcoin strategy has proven successful. The company’s stock has surged by 1208% since August 2020, significantly outperforming Bitcoin’s 445% rise during the same period. This suggests that Saylor’s strategy, despite its critics, has yielded positive results for MicroStrategy.
It remains to be seen whether the government will actually sell the seized Bitcoin, and if so, what impact it will have on the market. However, Schiff’s playful suggestion highlights the ongoing debate surrounding Bitcoin’s value and its role in the global economy.
