Peter Schiff's recent post has sparked a heated debate about the move by prominent Bitcoin BTC/USD maximalist Michael Saylor to add BTC to MicroStrategy's MSTR balance sheet.
What Happened: Schiff's suggestion was that this was a 'Hail Mary' attempt to avoid the company's inevitable liquidation. However, other Bitcoin bulls rushed to Saylor's defense, insisting that holding Bitcoin in a portfolio could be a wise decision.
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A Twitter user said that it was a rational move for every company with a balance sheet that is inflated away at current rates to buy something scarce and desirable. “It just so happens that Bitcoin is the scarcest and most desirable asset the world has ever seen.”
#Bitcoin is hardly scare and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don't need to buy Bitcoin.— Peter Schiff (@PeterSchiff) December 20, 2022
Schiff was unconvinced, claiming that Bitcoin was far from scarce and in "no way" desirable. He proposed that it would inevitably lead to losses, and urged investors not to buy it.
Dan Held, director of Growth Marketing at Kraken, joined the conversation and drew a similar comparison between gold and Bitcoin.
“[Gold] is hardly scare and in no way desirable. If you want to lose your money there are plenty of ways to do it. You don't need to buy [Gold]”— Dan Held (@danheld) December 20, 2022
Price Action: At the time of writing, Bitcoin was trading at $16,812, up 0.27%, according to Benzinga Pro data.
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