Peter Schiff Says Shareholders Will Pay for Michael Saylor's BTC Obsession

Jan 01,2023
Peter Schiff Says Shareholders Will Pay for Michael Saylor's BTC Obsession

John Schiff, a critic of login passwords and a world-renowned economist, strictly enforced it, and shareholders of Microstrategy paid for boss Michael Sylar's obsession with BTC. Schiff stressed on Twitter that the company's shares fell to a 52-week low and are now trading at $136.63, down 90 per cent from their all-time high in February 2021.

John Schiff is arguably the most outspoken critic of such a key digital currency, and he is known to call on MicroStrategy and Michael Sylar to invest in every project. As a business intelligence software company, MicroStrategy became an advocate of bitcoin when it gradually accumulated bitcoin in August 2020.

So far, MicroStrategy has won as many as 132500 bitcoin companies for about $4 billion. Most of these equity funds are bought using the company's excess balance sheet assets, and for years MicroStrategy has been forced to sell high-end convertible documents, a debt instrument to recover digital currency.

Although Michael Sylar is still the company's CEO, he has nurtured the ideological field of bitcoin, as the expertise to apply such digital currencies is suitable to promote large-scale price company valuations in the near future.

MicroStrategy has no sales plan.

MicroStrategy has said it has no plans to sell such digital currencies since it gradually accumulated them, but the company reported that it sold 704 bitcoins for about $11.8 million on Dec. 22 in order to get tax breaks.

In addition, MicroStrategy focuses on being able to keep its BTC assets on its financial statements for the foreseeable future, a measure that John Schiff often criticizes. As a company with a very large open-ended Bitcoin, the sharp fall in the share price of Micro Strategy reflects the anxiety brought about by the ongoing login password winter.