Peter Schiff Slams Bitcoin ETF Trading Limitations, Takes Dig At MicroStrategy CEO Borrowing Funds For BTC Purchase: 'Looks Like His True Intention Is To Manipulate...'
Portfolio Pulse from Mehab Qureshi
Peter Schiff criticized the limitations of trading Bitcoin through an ETF, highlighting the issue of liquidity being restricted to U.S. market hours. This concern is raised amidst a significant drop in Bitcoin's price, leading to a global crypto market sell-off. Schiff also scrutinized MicroStrategy and its CEO, Michael Saylor, for purchasing Bitcoin with borrowed funds, suggesting it might be an attempt to manipulate Bitcoin's price while selling MicroStrategy shares.
March 20, 2024 | 5:59 am
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MicroStrategy, under CEO Michael Saylor, purchased additional Bitcoin, raising concerns from Peter Schiff about potential price manipulation and the impact of buying Bitcoin with borrowed funds.
Peter Schiff's criticism of MicroStrategy's strategy to purchase Bitcoin with borrowed funds, especially after a price surge, could lead to negative sentiment among investors. This, coupled with the reported loss on their recent Bitcoin purchase, may put downward pressure on MicroStrategy's stock (MSTR) in the short term.
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