Peter Schiff Gives Bitcoin Bull Michael Saylor Grim Warning

U.Today - Michael Saylor, the famous Bitcoin bull, shared the successes of MicroStrategy's cryptocurrency strategy on CNBC. As the price of BTC has risen an average of 44% per year over the past few years, MicroStrategy, which is among the largest holders of the cryptocurrency, has capitalized on this growth.

The company's stock has risen enormously, up 825% since the inception of its Bitcoin strategy, outperforming even Nvidia (NASDAQ:NVDA )'s parabolic rise. With such results, MicroStrategy has successfully outperformed its competitors and gained a significant advantage in the whole U.S. stock market, Saylor concluded.

Even though Saylor's speech got a lot of positive attention, some people still have doubts, especially critics like Peter Schiff, who has been very vocal about his opposition to cryptocurrency.

Schiff said that even though MicroStrategy has done well this year, its stock is still 40% below its highest price over the past 52 weeks and 6% below its 2021 peak. He thinks the growth Saylor is happy about might not last, and there could be more declines to come.

MicroStrategy and BitcoinCurrently, MSTR stock is trading around $121, up more than 90% since the beginning of the year. For Bitcoin, meanwhile, the last nine months have seen a 30% increase.

Interestingly, while Saylor was bullish on his own company's stock, he was spotted selling MSTR this year, with sales s​​topping in late April when the price per share hit a high of $173. More to the point, the price dropped more than 37% that month.

After that, however, no sales were made ​​by the MicroStrategy chief.

Who is right, Saylor or Schiff? Only time will tell, but with every billion dollars in, the debate gets hotter, that is for sure.

Source: Investing.com