Critique of Bitcoin Adoption

U.Today – Renowned economist and cryptocurrency critic Peter Schiff has criticized Michael Saylor’s enthusiasm over Bitcoin’s adoption as a strategic treasury asset by corporations.

Michael Saylor, the chairman of MicroStrategy and a Bitcoin advocate, recently expressed his excitement on X about Bitcoin’s growing adoption.

Citing comments from investor Bill Miller during a CNBC interview, Saylor tweeted, “We now have additional companies coming out and saying we’re going to put Bitcoin on our balance sheet as a strategic treasury asset.”

However, Schiff promptly refuted Saylor’s claims, asserting that “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.”

Enthusiasm Among Bitcoin Holders

Despite Schiff’s skepticism, Bitcoin enthusiasts remain undeterred. Michael Saylor began purchasing Bitcoin in 2020 as a hedge against inflation and a cash alternative. MicroStrategy is one of the largest public holders of Bitcoin, with 226,331 BTC purchased for around $8.33 billion.

Recently, when Schiff conducted an X poll, 87% of over 11,000 Bitcoin holders indicated they would not sell even if the price dropped by more than 99% to $120, and many stated they would continue to buy during price declines.

Schiff acknowledged that “the main sell point for investors to buy Bitcoin is its great track record of past performance.”

As of now, Bitcoin is trading at $66,067, having reached nearly $74,000 in mid-March.

This article was originally published on U.Today