Peter Schiff Rants Over Microstrategy’s Latest Bitcoin Purchase

Bitcoin has rebounded over 8% since Peter Schiff stated that the crypto asset has not seen its bottom yet and will reach $10,000.

Despite confessing that he regretted not buying the asset a few days ago, famous gold bug and Bitcoin critic Peter Schiff has continued with his scheme. This time, the gold maximalist targeted software firm Microstrategy’s latest bitcoin acquisition on March 19.

In a tweet on Tuesday, Schiff branded Microstrategy’s 9,245 BTC acquisition “a reckless leveraged buying,” alleging that a potential Bitcoin downtrend would place the software firm in a deep financial waterlow.

Yet despite your reckless leveraged buying, Bitcoin is still down 15% from its high price just five days ago. Now that you're done buying the bottom can really drop out of the market. When Bitcoin hits 20K MSTR will be down $3.25 billion. At 10K MSTR will be down $5.5 billion.

— Peter Schiff (@PeterSchiff) March 19, 2024

Bitcoin Going to $10k: Schiff

Schiff alleged that the huge Bitcoin correction of over 15% from its new all-time high on Tuesday hadn’t spelled its bottom, insinuating that the largest crypto asset would eventually get to $10,000 and drop Microstrategy out of the market. He stated that Bitcoin’s capitulation would put Microstrategy’s financial health in jeopardy.

“When Bitcoin hits 20K, MSTR will be down $3.25 billion. At 10K, MSTR will be down $5.5 billion,” Schiff stated.

Microstrategy’s latest acquisition on Tuesday means it now holds 1% of the entire Bitcoin supply. It currently holds 214,245 BTC, valued at $14.42 billion, at an average cost of $35,372.59. The Bitcoin development firm recently raised $600 million from convertible notes to purchase Bitcoin.

Bitcoin Responds

After Schiff’s comment on Tuesday, Bitcoin rebounded from its lows of $61,000 and is trading at $67,200 at press time. The digital asset has risen over 8% since the gold bug stated it was going to $10,000.

Despite Bitcoin’s correction, it has still outperformed gold this year. Year-to-date, gold is up only 5.72%, while bitcoin has grown over 58%. Microstrategy’s stock has also outperformed gold this year, posting a 166.92% increment.

Schiff recently brawled with El Salvador’s president, Nayib Bukere, after he posted his country’s Bitcoin gains. Bukere told Schiff to “cry harder” after a demeaning comment by the gold bug.