Economist Peter Schiff predicted on Monday that Michael Saylor's Bitcoin (CRYPTO: BTC) bet would become the largest losing trade in history, surpassing JPMorgan's infamous "London Whale" loss.
Schiff Makes Bold Prediction Schiff pointed out on X that Saylor's firm, Strategy Inc.
(NASDAQ:MSTR), is already sitting on unrealized losses of over $10 billion on its underlying BTC holdings "But by the time it's closed out, Saylor will shatter the record and book the biggest losing trade in history," Schiff projected.
Schiff highlighted the "London Whale" fiasco as a reference, where a JPMorgan trader made massive, outsized bets in the credit derivatives market, resulting in a loss of more than $6 billion for the bank.
Strategy didn't immediately return Benzinga's request for comment.
