The MicroStrategy CEO’s plan to “Take Bitcoin to the Grave” gets criticized by Peter Schiff
MicroStrategy CEO Michael Saylor defended his company’s debt-financed bitcoin purchases on Friday, saying that buying bitcoin now is equivalent to investing in Facebook in its early days.
On “Squawk on the Street,” Saylor said, “We have $2.2 billion in debt, we pay around 1.5 percent interest, and we have a very long-time horizon. From our perspective, being a leveraged, bitcoin-long company is beneficial to our shareholders.”
MicroStrategy has been well-known on Wall Street in the last year after it began buying and holding bitcoin, initially using cash on its balance sheet to purchase the digital tokens before going to the debt market to make more purchases. Saylor’s own profile has risen as he talks about bitcoin’s enormous potential, comparing it to “digital real estate.”
Michael Saylor called Bitcoin as digital property
Peter Schiff, the CEO of Euro Pacific Capital, and a gold lover, tweeted to respond to MicroStrategy CEO Michael Saylor’s recent interview on the company’s long-term plans for Bitcoin.
Saylor referred to Bitcoin as “digital property” and “the future of property” in an interview with Bloomberg TV on Friday, July 30. He expects all governments, banks, institutions, and retail investors to hold Bitcoin in the future.
Imagine holding Bitcoin for 100 years or longer.
Microstrategy has racked up $1.4B in Bitcoin profits on paper, but don't expect them to sell anytime soon. CEO Michael Saylor tells @emilychangtv the company hopes to own it "forever" https://t.co/3sICjH64ET pic.twitter.com/jCTUNA7Puc
— Bloomberg TV (@BloombergTV) July 30, 2021
MicroStrategy wants to get as much Bitcoin as possible by continuously buying BTC, he said, because the BTC offering is limited to 21 million. When asked if MicroStrategy would stick to the 10-year period promised by Saylor or sell their BTC earlier, the company’s CEO responded that he hoped MicroStrategy will hold Bitcoin “forever.”
The gold bug in a tweet, Peter Schiff attacked Michael Saylor, claiming that he won’t be able to take “his Bitcoin to the grave.” Michael Saylor has now gone entirely mad, according to petter Schiff.
His most recent Bitcoin argument is that it’s an asset that you can keep after you die. He might take his Bitcoin to the grave, but I doubt he’ll be able to buy anything with it in heaven, or in Saylor’s case, hell.
Now @michael_saylor has gone completely mad. His latest #Bitcoin pump is that it's an asset you can take with you after you die. He may well end up taking his Bitcoin to the grave, but I doubt he'll be able to buy anything with it in heaven either, or in Saylor's case maybe hell.
— Peter Schiff (@PeterSchiff) July 30, 2021
In response, Saylor published an article about gold being stolen from Egyptian pharaohs’ tombs, perhaps hinting that wealth cannot be stored after death.
On paper, MicroStrategy has made $1.4 billion in Bitcoin earnings, but don’t expect them to sell anytime soon. According to CEO Michael Saylor, the company intends to own it “forever.”
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