Peter Schiff, the CEO of Euro Pacific Capital and a well-known gold enthusiast, spoke out on Twitter against the stance of MicroStrategy CEO Michael Saylor. Schiff mocked Saylor over his recent comment of holding BTC “forever.”
Peter Schiff calls Saylor “crazy” and argues that BTC has no value. Even if Saylor takes it to the grave, it won’t buy him anything in the afterlife.
Now @michael_saylor has gone completely crazy. Its newest #bitcoin pump is that it is an asset to take with you after you die. He might end up taking his bitcoin to the grave with him, but I doubt that he can use it to buy anything in Heaven or, in Saylor’s case, in Hell.
– Peter Schiff (@PeterSchiff) July 30, 2021
The tweet fight continued with Michael Saylor’s response advising Schiff to sell his gold instead of building a grave for himself and his traditional possessions as they would not remain safe. He also included an article describing the grave robbery in ancient Egypt.
Saylor also promoted the longevity and flexibility of Bitcoin as a currency, stating, “You can take Bitcoin with you anywhere in time and space. It is the future of property and property rights. “
Traditional wealth preservation strategies leave something to be desired. Sell your #gold and don’t build a pyramid. It’s time to try something new. You can take #Bitcoin with you anywhere in time and space. It is the future of property and property rights.https: //t.co/5SOwDl4Dl6
– Michael Saylor (@michael_saylor) July 31, 2021
MicroStrategy’s investment plans revolve around BTC
MicroStrategy’s 10-year plan includes more BTC as the CEO argues that Bitcoin is a “digital property network” that will soon be used by billions of people who own that digital property. MicroStrategy plans to stay ahead of the times and ahead of the crowd by accumulating as much BTC as possible.
Saylor confirmed that her company is pursuing a strategy centered around Bitcoin and would continue to buy more of it as the supply is capped at $ 21 million.
He said that market conditions would determine the payment method they would use to buy BTC, but the only confirmation here is that MicroStrategy will continue to add more BTC to their portfolio.
“We believe that holding Bitcoin for the long term is the strategy with the highest upside potential and lowest risk that we can pursue. Some people think diversification means buying other types of cryptocurrencies or buying types of stocks. We believe that by holding Bitcoin we are diversified because we can see Bitcoin on the balance sheets of cities, states, governments, corporations, retail investors, and large investors, and ultimately we believe that Bitcoin is the core of big tech innovation will Apple, Amazon and Facebook. ”Saylor told Bloomberg.
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About the author
Journalism & Mass Comm. Palak is a ’21 graduate GenZ journalist with a background in lifestyle journalism and PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0