As Strategy Inc. (NASDAQ:MSTR) continues to sell Bitcoin (CRYPTO: BTC), the sustainability of its Bitcoin accumulation strategy is under increased scrutiny by critics.
Losses Will Be Greater
Longtime Bitcoin critic Peter Schiff slammed Strategy after the company sold 3,588 Bitcoin over the past two weeks at an average price of $60,196.73.
Based on Strategy’s average acquisition cost, the sale represents an estimated realized loss of roughly $15,000 per Bitcoin, or about $54 million, according to Schiff’s calculations.
Responding to a post by crypto commentator Jeremy asking whether he would turn bullish on Bitcoin once Strategy Executive Chairman Michael Saylor completely exits his position, Schiff replied: "Maybe for a bounce. It also depends on how low the price is when he’s finally flushed out."
