Highlights:
- Renowned Bitcoin critic Peter Schiff hinted that the US is preparing for a massive $4.3 billion Bitcoin sell-off.
- In his tweet, Schiff mockingly advised Saylor to Borrow more capital to fund MicroStrategy’s BTC portfolio expansion.
- Reacting to Schiff’s claims, many X users agreed with him. However, they did not support his derogatory gesture.
Long-term Bitcoin (BTC) critic Peter Schiff recently took to his X handle, asserting that the United States is gearing up for massive BTC sales. Interestingly, the purported sales involved 69,370 BTC worth approximately $4.3 billion at the time of writing. Aside from merely hinting at an imminent BTC dump, Schiff took a jab at Michael Saylor, the Chief Executive Officer (CEO) and co-founder at MicroStrategy.
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In his tweet, Schiff mockingly advised Saylor to get ready to expand MicroStrategy’s BTC portfolio by borrowing funds for more purchases. Part of Schiff’s post read thus: “Every once in a while, the government does something smart. I think Saylor should have $MSTR borrow another $4.3 billion and buy it. Who agrees with me?”
It looks like the U.S. government is getting ready to sell 69,370 #Bitcoin, worth about $4.3 billion at current market prices. Every once in a while, the government does something smart. I think @saylor should have $MSTR borrow another $4.3 billion and buy it. Who agrees with me?
— Peter Schiff (@PeterSchiff) October 8, 2024
69,370 BTC Stores Source?
It is worth noting that the specified BTC holdings were remnants from the Silk Road dark web marketplace seized assets. In a recent court hearing, a United States Supreme Court declined Battle Born’s appeal, challenging the ownership of the 69,370 BTC.
Hence, it has invariably given the US government more leverage to do whatever it wishes with the assets. Considering its previous records, particularly its involvement in BTC’s massive sales earlier this year, the US government might opt to sell the assets. If such happens, it will mirror Schiff’s assertion, which could negatively impact BTC’s price.
Notedly, the last time sovereign nations actively participated in Bitcoin dumpings, the asset’s price plummeted significantly below $60,000. Interestingly, Germany and the United States spearheaded the previous exchange deposits, underscoring sovereign nations’ role in dictating Bitcoin’s price actions.
Market Participants Reaction to Schiff’s Claims
While most comments agreed with Schiff’s Bitcoin portfolio expansion advice, they disagreed with his mocking intent, which aims to ridicule Bitcoin as an asset that lacks intrinsic value. For context, many X users are open to procuring Bitcoin if the US government decides to dump the assets. According to some, accumulating the flagship crypto during the dumping spree will allow traders to purchase BTC at discounted prices.
Concerning the tendency for significant price slumps following massive exchange deposits, most enthusiasts dismissed such impacts as transient eventualities. Meanwhile, from a different perspective, a Twitter user with the pseudonym “Cryptocurrency Inside” compared Bitcoin’s resilience amid skepticism to that of gold.
According to the user, Bitcoin’s long-term fundamentals have always been strong. Hence, with each storm, BTC tends to attain more resilience. Additionally, the X user noted that, unlike gold, Bitcoin holds the future of Decentralized Finance (DeFi). “As for Saylor, he is simply riding the wave of innovation, not relying on traditional assets like gold that can’t match the digital revolution,” the X user added.
While Saylor never reacted to Schiff’s tweet, his recent post on X relayed his persistent faith in Bitcoin investments. Interestingly, the CEO wrote “All Aboard” with a picture of himself piloting an airplane. In summary, the post invariably implies that the upward trajectory seems to be BTC’s only pathway.
All Aboard. #Bitcoin pic.twitter.com/nWmm2CYfTU
— Michael Saylor⚡️ (@saylor) October 9, 2024
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