Peter Schiff Hits Out At Michael Saylor, Slams Trend Of Having Bitcoin On Balance Sheets: 'Companies Shouldn't Flat Out Gamble With Shareholder's Funds'

Economist and staunch Bitcoin BTC/USD critic Peter Schiff slammed the idea of companies using the apex cryptocurrency as a treasury asset, arguing it’s a gamble with shareholder’s funds.

What Happened: Schiff’s scathing remarks came in response to MicroStrategy Inc. MSTR co-founder Michael Saylor’s post where he cheered the possibility of more corporations planning to include Bitcoin in their balance sheets as a strategic asset.

Schiff wrote, “Bitcoin is neither strategic nor appropriate as a treasury asset. Companies shouldn’t flat out gamble with shareholder’s funds. They should pay dividends and let shareholders gamble with their own money.”

Bitcoin is neither strategic nor appropriate as a treasury asset. Companies shouldn't flat out gamble with shareholder's funds. They should pay dividends and let shareholders gamble with their own money.

— Peter Schiff (@PeterSchiff) July 30, 2024

See Also: Trump Says Bitcoin Will ‘Skyrocket Like Never Before’ If He Returns To The White House, Promises To Fire SEC Chair Gary Gensler On Day 1

For the uninitiated, MicroStrategy has spearheaded the growing trend of purchasing and holding Bitcoins. It is the largest corporate holder of the cryptocurrency, with a stash worth nearly $15 billion, according to bitcointresuries.net.

Last week, leading miner Marathon Digital Holdings Inc. MARA announced the purchase of $100 million of Bitcoin as part of its buy-and-hold strategy.

Why It Matters: This isn’t the first time Schiff has voiced skepticism toward holding Bitcoin as a strategic reserve. He has previously questioned the logic behind owning Bitcoin if no one ever sells it.

Schiff also slammed former President Donald Trump’s endorsement of Bitcoin at a recent conference, calling it a strategic move to gain political support rather than a commitment to make it a reserve asset.

Price Action: At the time of writing, Bitcoin is exchanging hands at $66,140.89, down 0.54% in the last 24 hours, according to data from Benzinga Pro.

Photo Courtesy: Wikimedia Commons

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.