Peter Schiff Calls Michael Saylor a Fraud
Peter Schiff, the popular goldbug, continues to blast Michael Saylor and Strategy. In a recent interview with Paul Buitink, the head of Holland Gold, he maintained that Saylor was a fraud and that Strategy was in a death spiral.
Schiff has always been critical of Bitcoin and Strategy. He believes that Bitcoin has no value and that the claims made by its proponents, such as its rarity and its role as a store of value are not valid.
Most notably, he believes that Strategy will ultimately find itself in financial problem. His prediction has come to pass after the company announced that it would start to sell some of its Bitcoin to fund its dividends to its preferred shares. The urgency to raise cash increased after the company’s preferred stocks plunged from their par levels.
Schiff believes that Bitcoin price will plunge once Saylor starts to sell coins worth over $1.5 billion. This selling will come at a time when American investors have continued to redeem their Bitcoin ETFs.
