Peter Schiff Takes a Dig at Microstrategy’s Recent BTC Purchase

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The latest Bitcoin purchase by MicroStrategy has been criticized by Peter Schiff. MicroStrategy, a top provider of business information, has come under fire from Peter Schiff for its most recent Bitcoin acquisition. The well-known critic of Bitcoin attacked MicroStrategy and its CEO, Michael Saylor, on Twitter for recently acquiring additional BTC, calling the move a waste of money.

Schiff was taken aback by MicroStrategy’s continued willingness to invest additional money in the top asset class despite the losses the company has suffered as a result of its Bitcoin investments.

So $MSTR is down $1.4 billion on #Bitcoin, yet you continue to average down, throwing not so good money after incredibly bad. I’s sure that but for your buying Bitcoin’s price would be lower. But now that you’re done the decline can resume until you waste more money buying again.

— Peter Schiff (@PeterSchiff) June 29, 2022

The world’s most valuable cryptocurrency by market capitalization, according to him, would continue to fall in price due to MicroStrategy’s recent accumulation until the company is persuaded to invest more money to generate further losses.

“So [MicroStrategy share] is down $1.4 billion on Bitcoin, yet you continue to average down, throwing not so much good money after incredibly bad,” Schiff said.

Microstrategy on a Spending Spree

Saylor revealed that MicroStrategy has increased its Bitcoin position by investing an additional $10 million in 480 more BTC. According to the firm, each Bitcoin was purchased for $20,817.

With the recent addition of Bitcoin, MicroStrategy now holds a massive 129,699 BTC. As the publicly traded corporation with the greatest investment in the asset class, it continues to hold the top spot.

MicroStrategy continues to take advantage of declining pricing to grow its holdings of Bitcoin and has no plans to slow down on this front. The company’s loss from its bitcoin assets approached $1 billion in the context of the demise of the first cryptocurrency.

Bitcoin on a Declining Spree

For the second time this year, the market value of all cryptocurrencies plummeted below $900 million on Thursday, June 30. The price of Bitcoin fell below $20,000 once more on the day, and it has decreased 5.27 percent over the past seven days. The market’s mood hasn’t changed much either; it’s still firmly in the “extreme fear” region.

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