Peter Schiff Dismisses Michael Saylor's Bitcoin Is Scarce Argument: 'When The Supply Of New Buyers Runs Low…'
Portfolio Pulse from Aniket Verma
Peter Schiff challenges Michael Saylor's argument on Bitcoin's scarcity, suggesting that Bitcoin's price could crash if demand wanes. Schiff contrasts Bitcoin with gold, emphasizing gold's enduring demand. Meanwhile, MicroStrategy's Bitcoin strategy has yielded significant returns.
September 11, 2024 | 3:50 am
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MicroStrategy's Bitcoin-focused strategy has been successful, yielding a 44% annual return since August 2020, compared to the S&P 500's 12%. Despite Peter Schiff's criticism of Bitcoin's scarcity argument, MicroStrategy's stock rose 3.86% recently.
MicroStrategy's significant returns from its Bitcoin strategy highlight its success, which likely contributed to the recent stock price increase. Schiff's criticism may not impact MicroStrategy's stock negatively in the short term, given the positive performance data.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80