Peter Schiff Hits Out At Michael Saylor, Slams Trend Of Having Bitcoin On Balance Sheets: 'Companies Shouldn't Flat Out Gamble With Shareholder's Funds'
Portfolio Pulse from Aniket Verma
Economist Peter Schiff criticized companies like MicroStrategy and Marathon Digital Holdings for holding Bitcoin as a treasury asset, calling it a gamble with shareholder funds. Schiff's comments were in response to MicroStrategy co-founder Michael Saylor's support for Bitcoin on corporate balance sheets.
July 31, 2024 | 3:37 am
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Marathon Digital Holdings, which recently purchased $100 million worth of Bitcoin, was also criticized by Peter Schiff for holding Bitcoin as a treasury asset.
Schiff's remarks could lead to negative sentiment towards Marathon Digital Holdings, potentially causing short-term price declines in MARA stock.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
MicroStrategy, led by Michael Saylor, has been criticized by Peter Schiff for holding Bitcoin as a treasury asset, which Schiff calls a gamble with shareholder funds.
Schiff's criticism could negatively impact investor sentiment towards MicroStrategy, which is heavily invested in Bitcoin. This may lead to short-term price pressure on MSTR stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100