After the Bitcoin price broke the all-time high of $93,905 at the time of writing, a statement came from Peter Schiff, who is known as a BTC hater.
Schiff claimed that as MicroStrategy's stock price increased, the company's founder Michael Saylor was able to sell more stock, and as he sold more stock, he was able to buy more BTC. He claimed that this had become a cycle, and that when the price of BTC increased, the price of MicroStrategy shares also increased, and that this was a type of bubble.
In addition, he said that many people are ironically buying Bitcoin as a hedge against inflation and a weak dollar. The irony, he argued, is that if the US government were to buy BTC, then already limited resources would be poured into the cryptocurrency, and BTC itself would become the cause of inflation and a weak dollar.
In addition, Schiff argued that MicroStrategy's market value has risen to more than the combined value of the world's two largest gold mining companies, which is crazy.
*This is not investment advice.
