Peter Schiff Mocks Michael Saylor to 'Buy Bitcoin' Amid Downtrend

Uk Jin

Summary

Peter Schiff mocked and targeted CEO Michael Saylor for additional Bitcoin purchases amid Bitcoin's downtrend.
Schiff mentioned that Bitcoin failed to defend its value despite its nickname as 'digital gold.'
Currently, Bitcoin has sharply dropped to $78,788, a 5.07% decrease from the previous day.

Prominent cryptocurrency critic Peter Schiff reacted to the downtrend of Bitcoin (BTC). He posted a mocking message to Michael Saylor, CEO of MicroStrategy (formerly MicroStrategy).

On the 6th (local time), Peter Schiff took to X (formerly Twitter) to target CEO Michael Saylor, saying, "Mr. Saylor, since Bitcoin has fallen below $80,000, hurry up and buy more to prevent it from falling below Strategy's average price."

He added, "Strategy will eventually go bankrupt."

Schiff's remarks stem from Bitcoin's failure to defend its value amid macroeconomic uncertainty, despite its nickname as 'digital gold.' Schiff questioned, "Bitcoin is promoted as a safe haven or store of value, but it is not protecting any value at all," and expressed doubt about what value it provides to investors.

Meanwhile, as of 7:40 AM on the 7th (Korean time), Bitcoin is trading at $78,788, a sharp drop of 5.07% from the previous day according to CoinMarketCap.

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