Long-time Bitcoin skeptic Peter Schiff has responded to MicroStrategy’s plan to purchase $42 billion worth of BTC, referring to the company’s chairman Michael Saylor as “the egg man.”
In a recent report from the Crypto Basic, it was revealed that MicroStrategy is looking to increase its Bitcoin holdings by raising $42 billion for the upcoming BTC acquisition. The business intelligence firm announced that it will raise the funds over the next three years by issuing $21 billion in equity and another $21 billion in fixed-income securities.
Schiff took to Twitter to highlight MicroStrategy’s Bitcoin acquisition plan and shared a cautionary tale known as the Egg Man. In the story, an investor aggressively acquired egg futures, causing the price to spike from $0.25 to $1.75 as he became the sole buyer of the asset.
Drawing parallels to Saylor’s aggressive Bitcoin acquisition strategy, Schiff warned that Saylor could find himself in a similar situation as the egg man.
Despite Schiff’s criticisms, Saylor has remained bullish on Bitcoin and continues to lead MicroStrategy’s Bitcoin acquisition spree. The company currently holds 252,220 BTC, valued at $17.45 billion with Bitcoin trading at $69,219.
While Schiff has warned of potential risks associated with MicroStrategy’s heavy exposure to Bitcoin, Saylor remains committed to his vision of making MicroStrategy a Bitcoin Bank in the future. As always, readers are advised to conduct thorough research before making any investment decisions as this content is for informational purposes only and not financial advice.