Peter Schiff has mocked Michael Saylor after Strategy's Bitcoin holdings fell back to roughly their average purchase price. The Bitcoin critic argues that six years of accumulation have not delivered the returns Saylor promised, and he renewed his case for gold.
Peter Schiff used Bitcoin's recent price crash to congratulate Bitcoin supporters in a sarcastic post. His target was Strategy, which marks six years of steady Bitcoin buying as the largest Bitcoin buyer.
Schiff said the firm is now close to its average purchase price at around $75,500 per BTC. He stressed that the six-year accumulation has yet to deliver the returns Saylor previously promised.
As a result, Schiff questioned how Saylor's long-term strategy has performed and what potential it holds. He pointed in particular to Saylor's earlier expectation of annual returns of around 30%.
Then Schiff returned to his long-standing Bitcoin versus gold argument, suggesting Saylor chose the wrong asset. He said that investing in gold would have doubled Saylor's money over the same period, which sparked fresh debate across the crypto ecosystem.
The stance is familiar from Schiff. He has often argued that precious metals, especially gold, offer a more reliable store of value than Bitcoin, and he consistently describes Bitcoin as a Ponzi scheme.
Source: U.Today
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