Long-time Bitcoin critic Peter Schiff has showered fresh criticism on Michael Saylor after Strategy announced a major Bitcoin sale of about $225 million, following years of steady accumulation.
Known for its aggressive Bitcoin accumulation business model and the "hold forever" narrative, the massive Bitcoin sale from Strategy has sparked reactions across the crypto ecosystem, especially from its famous critic, Peter Schiff.
Schiff estimates $54 million loss for Strategy
Peter Schiff has reacted to the move, pointing at mounting losses for Strategy, as he estimates that the current sale already puts the company at a realized loss of $54 million.
Schiff mentioned that Strategy had spent the past two weeks selling Bitcoin at an average price of about $60,196.73 per coin. According to him, the sale of 3,588 Bitcoin by Strategy marks a realized loss of $15,000 per BTC, considering the company's current average cost.
As such, he estimated the total loss on the 3,588 Bitcoin sold for around $54 million, sparking curiosity about what could happen next.
Schiff foresees bigger losses for Strategy
In addition to his $54 million loss estimation, Schiff further predicted that the company could suffer larger losses if it sells additional Bitcoin from its holdings, especially if the market situation remains like this.
Although the move tends to contradict Saylor's strict "buy and hold Bitcoin" principle, Schiff's criticism of the move was not entirely supported, as many argued that the decision to sell some of Strategy's Bitcoin holdings is good for the firm and the entire Bitcoin ecosystem.
Dan Burgin
U.Today Editorial Team
