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The Gold Bug Gets Tough on the Bitcoin Bull: Here are the Details…

Altın Böceği, Bitcoin Boğasına Sert Çıktı: İşte Detaylar...
Altın Böceği, Bitcoin Boğasına Sert Çıktı: İşte Detaylar...
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Renowned economist and crypto critic Peter Schiff took aim at Michael Saylor’s recent excitement over the growing adoption of Bitcoin (BTC) by companies as a strategic treasury asset.

Peter Schiff takes on the Bitcoin bull!

As you have been following on Kriptokoin.com, Michael Saylor, a well-known Bitcoin advocate and chairman of MicroStrategy, shared his excitement about the growing adoption of Bitcoin as a strategic treasury asset. Quoting Bitcoin investor Bill Miller in a recent CNBC interview, Saylor said, “We now have other companies saying we’re going to put Bitcoin on our balance sheet as a strategic treasury asset.”

But not everyone shares Saylor’s enthusiasm. BTC critic and gold advocate Peter Schiff immediately responded with his usual skepticism. “Bitcoin is neither strategic nor appropriate as a treasury asset. Companies should not gamble with shareholders’ funds. They should pay dividends and allow shareholders to gamble with their own money.”

Bitcoin enthusiasts are not deterred

However, Peter Schiff’s criticisms should not deter Bitcoin enthusiasts, who usually take Schiff’s words with a pinch of salt. Michael Saylor started buying BTC in 2020 as an inflation hedge and cash alternative. Saylor’s company, MicroStrategy, is among the world’s largest public BTC holders. As of June 20, it owned 226,331 BTC, purchased for about $8.33 billion at an average price of $36,798.

Over the weekend, Schiff was stunned that 87% of the more than 11,000 BTC holders who responded to the X survey claimed that they would not sell any of their Bitcoin even if the price fell more than 99% to $120. Not only would they not sell, they said they would continue to buy even when prices fell. Schiff unexpectedly explained that “the main selling point for investors to buy BTC is its great track record.”

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Will the US national debt push Bitcoin to the ATH level?

According to Bitfinex analysts, the BTC price will benefit from government bonds becoming less attractive, as the bulk of the US government’s spending is on debt servicing and not on productive sectors. In this context, analysts make the following assessment:

The $35 trillion US national debt underscores the importance of Bitcoin as ‘hard currency’, potentially acting as a catalyst for the next upward cycle in Bitcoin […] This could prompt investors to seek alternative stores of value, such as Bitcoin, which is often perceived as a hedge against economic inefficiencies.

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Can BTC avert a debt crisis?

Analysts added that the looming debt crisis could be averted if the US dollar is a “hard currency” that does not have an unlimited supply. The analysts made the following statement:

Much of the current US national debt is caused by inflation, the depreciation of the currency against other currencies, and the ease with which any government can print as much money as it wants. Bitcoin can rightly be called one of the only truly stable currencies as it is largely protected against inflation, has a limited supply, is durable due to its digital nature, and is increasingly accessible.

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The Gold Bug Gets Tough on the Bitcoin Bull: Here are the Details…
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