Odious Bitcoin critic Peter Schiff has facetiously revealed that he has finally discovered a use case for the leading cryptocurrency.
"I've often said there's no actual use case for Bitcoin. It turns out I was wrong," he said.
Moreover, he has credited Strategy co-founder Michael Saylor with introducing that use case.
Schiff claims that using Bitcoin for hedging against Strategy (MSTR) short could actually be a valid reason to own the cryptocurrency.
The exotic strategy has been pioneered by Greek-American investment manager Jim Chanos, CNBC reports.
The famous short-seller is known for betting against the companies that he believes are overvalued or flawed.
By buying Bitcoin, Chanos could potentially offset losses from the MSTR short.
During an interview with the Financial Times, Strategy predicted that the company could potentially turn into a $10 trillion enterprise.
However, the company gets routinely criticized by some detractors for essentially being a proxy for Bitcoin with added risk. In one of his latest social media posts, Chanos argues that Strategy investors are essentially paying $3 of stock price in order to gain $1 worth of Bitcoin exposure. This will not be sustainable, according to a lot of critics.
It remains to be seen how Chanos's bet will play out. Strategy's shares are so far up by nearly 40% in 2025.
Vladislav Sopov
Dan Burgin