Peter Schiff Gives Bitcoin Bull Michael Saylor Grim Warning
2024-09-09

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'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.
What a bunch of nonsense. CNBC is too beholden to their crypto advertisers to really push back against your false statements. MSTR is down 40% from its 52-week high and is 6% below its 2021 high. The actually returns are not nearly as rosy as you describe and will soon get worse.— Peter Schiff (@PeterSchiff) September 9, 2024
MicroStrategy and Bitcoin
Currently, 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. Source: TradingView
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.