- Peter Schiff humorously advised Michael Saylor to borrow $4.3 billion to buy the seized Bitcoin.
- Bitcoin’s price fell 1.81% to trade around $61,010 as it prepared to sell.
Amid ongoing discussions about the various uses of Bitcoin [BTC] Prominent economist and well-known BTC critic Peter Schiff, drawn from the Silk Road market, expressed his opinion on X (formerly Twitter).
On October 9, he participated in discussions about the upcoming sale by the US government of 69,370 Bitcoin, worth approximately $4.3 billion.
Schiff takes a dig at Michael Saylor
Known for his strong advocacy for gold over cryptocurrency, Schiff humorously suggested that MicroStrategy CEO Michael Saylor should consider borrowing the $4.3 billion to invest in BTC.
He said,
“It appears the US government is preparing to sell 69,370 #Bitcoin, worth approximately $4.3 billion at current market prices. Every now and then the government does something smart. I think @saylor should let $MSTR borrow and buy another $4.3 billion. Who agrees with me?”
But why Saylor?
Schiff’s choice to target Saylor follows his bold strategy at MicroStrategy, where he has overseen the acquisition of billions in Bitcoin since 2020.
As expected, Schiff has often dismissed this approach as a precarious gamble.
For those who don’t know, MicroStrategy recently raised over $1 billion, allocating some of that money to acquire an additional 7,420 BTC.
This latest purchase increased the company’s total Bitcoin holdings to 252,220 coins, now valued at approximately $16 billion.
Community response
That said, the post generated significant engagement within the crypto community.
Starting with Henry Scavacini, who highlighted the six essential characteristics of Bitcoin: durability, portability, divisibility, fungibility, scarcity and acceptability.
Scavacini also introduced a seventh feature – immutability – emphasizing exclusivity for blockchain-based assets.
This addition sparked further dialogue among community members, many of whom rallied to defend BTC’s reputation as a form of “hard money.”
Source: G. Henry Scavacini/X
In response to this Schiff replied,
‘The most important thing is missing. Actual real value.”
Schiff: The Bitcoin Critic
For those unfamiliar with his position, Schiff has long been an outspoken critic of BTC. He claimed that it does not match gold in terms of tangible value.
He recently suggested that the hype surrounding Bitcoin has caused investors to overlook gold’s remarkable performance, which has reached new heights.
Source: Peter Schiff/X
Other possible suggestions
Needless to say, contrary to Schiff’s proposal, Democratic Rep. Ro Khanna advocated for the government to keep the seized Bitcoin as a strategic reserve.
Meanwhile, Republican presidential candidate Donald Trump has also expressed interest in creating a BTC reserve should he win the elections.
He said:
“I announce that if elected, it will be the policy of my government, the United States of America, to retain in the future 100% of all Bitcoin that the United States Government currently owns or acquires.”
As the US government prepares to sell the seized BTC, the cryptocurrency’s price has experienced a further decline of 1.81%.
BTC was trading at around $61,010, according to this report CoinMarketCap.