In a recent twist of events, renowned financial expert and vocal critic of cryptocurrencies, Peter Schiff, took a direct shot at MicroStrategy CEO Michael Saylor over the company's Bitcoin holdings.
On Aug. 1, it was revealed that MicroStrategy had acquired an additional 467 BTC for $14.4 million, bringing their total Bitcoin stash to an impressive 152,800 BTC. The company's CEO, Michael Saylor, disclosed that they had acquired the digital assets for a total cost of $4.53 billion, averaging $29,672 per Bitcoin.
However, it seems Schiff could not resist poking fun at Saylor's investment strategy. Seizing the opportunity to question the move, the expert confronted the MicroStrategy CEO, stating that the latest BTC purchase had already resulted in a 5% loss. He further inquired about the total losses that the company's shareholders had incurred since the company first ventured into the world of cryptocurrencies.
So you're already down 5% on that new $14.4 buy. How many billions have MSTR shareholders lost so far on the entire BTC position?— Peter Schiff (@PeterSchiff) August 2, 2023
Despite the direct challenge, Saylor has yet to respond to Schiff's query, a move that might not be too surprising for those familiar with Saylor's social media style.
Is glass half full?
At present, Bitcoin's price is indeed trading slightly below MicroStrategy's average purchase price, but by just 2%. While this might seem like a cause for concern, it is essential to note that the company's investment in Bitcoin has yielded significant returns. Since MicroStrategy began buying Bitcoin for its treasury, MSTR shares have surged an astonishing 220% to their current value. At the peak, the growth skyrocketed to an impressive 965%, reaching an all-time high of $1,315 per share.
While the recent dip in Bitcoin's value may have raised some eyebrows, MicroStrategy seems undeterred, displaying confidence in their digital asset strategy.