Peter Schiff Suggests Why MicroStrategy Invested in BTC
According to Euro Pacific Capital President Peter Schiff, MicroStrategy bought BTC to avoid liquidation.
He has said:
“This is the first time I’ve heard Saylor admit that adding Bitcoin to the balance sheet was, in fact, a desperate attempt to avoid liquidating the company. If the only thing MicroStrategy is capable of is a speculative leveraged position in bitcoin, then it will not work.”
A Twitter user has called Schiff’s interpretation incorrect:
“That’s not what he said. Here he meant that they [MicroStrategy] could not find anything else that would protect the company’s assets.”
Saylor has repeatedly called Bitcoin the most reliable thing in an unstable world and a global reserve asset. In August, he left the position of CEO of MicroStrategy and said that the purchase of BTC as a reserve asset was justified.
