Peter Schiff is slammed In Michael Saylor's Bitcoin MENA keynote, he declared that Strategy (formerly MicroStrategy) will buy up every available Bitcoin.
This comes after the company recently announced its largest Bitcoin purchase. in a few months.
buy all
In his keynote address at the Bitcoin MENA conference, Saylor said MicroStrategy's goal is to buy as much Bitcoin as possible: “We're going to buy everything.”
The speech lasted approximately 45 minutes and was attended by more than 10,000 participants, including Middle Eastern sovereign wealth fund representatives, bankers, family offices, and hedge fund managers.
Saylor's presentation was supposed to be a blueprint for transforming the region into a global hub for financial infrastructure “backed by Bitcoin.” He described Bitcoin as digital energy, a “scarce programmable asset that can power a new era of economic sovereignty.”
further criticism
In another social media post, Schiff also criticized Michael Saylor's framework for converting Bitcoin as “digital capital” into “digital credit” via MicroStrategy's preferred stock.
The stock is backed by the company's 650,000 BTC holdings, acquired at an average cost of $74,000 per coin, and generates an 8% perpetual dividend.
Schiff argues that Saylor's 8% yield Bitcoin bank only works in the head.
Yield comes from the eternal rise in the price of Bitcoin. If Bitcoin stops rising in value, the entire strategy could collapse. Therefore, behind the “yield” there are no assets that produce actual cash flows, which reinforces Schiff's criticism.
