Peter Schiff, the uncompromising gold hawk and Bitcoin hater, has set his sights on Michael Saylor and his company MicroStrategy, accusing them of manipulating the price of Bitcoin.
The sharp claims come in the wake of Bitcoin’s rapid rise to an all-time high of $106,493 last night. Referring to MicroStrategy’s buying spree, Peter said the company’s buying pattern is a calculated move to push Bitcoin prices higher.
“Most likely, we'll find out tomorrow that Sailor is the buyer. This seems to be the trend, it's happened for the last five Mondays in a row.
Now Peter is steadfast in his hatred. He has said in the past that “Bitcoin is misdirecting investment from essential sectors,” claiming that it diverts resources away from productive endeavors. He is particularly critical of government officials who support Bitcoin investments, calling them a misuse of taxpayer money.
MicroStrategy's Bitcoin Obsession
MicroStrategy’s buying frenzy began in July when the company purchased 12,222 bitcoins for $805.2 million, paying an average price of $65,882 per coin. By the end of that month, its total stash had ballooned to 226,500 bitcoins, acquired at a cumulative cost of $8.3 billion.
While August and September figures are still a mystery, December has turned out to be a showcase for MicroStrategy’s unapologetic appetite for Bitcoin. On December 9, the company announced a staggering purchase of 21,550 Bitcoin for $2.1 billion.
This was the fifth consecutive Monday of major acquisitions, creating a suspiciously consistent buying pattern that the likes of Peter are quick to cite in their accusations.
At the time of writing, MicroStrategy owns 423,650 BTC. With BTC above $100,000, the company’s holdings are worth more than $43.6 billion. Saylor hinted at more purchases, saying the company is now paying more than $100,000 per token. If true, MicroStrategy’s Bitcoin portfolio could soon be worth $50 billion.
Every time MicroStrategy announces a new Bitcoin acquisition, the market reacts. And it’s not subtle. The correlation between Saylor’s buying habits and Bitcoin price movements is too obvious to ignore.
Bitcoin’s decentralized and regulatory-light nature makes it a prime target for manipulation. The industry has been plagued for years by common tactics like pump-and-dump schemes, spoofing, and fraudulent trading, and institutional players risk exploiting these same vulnerabilities on a much larger scale.
While some people prefer to argue that institutional involvement legitimizes Bitcoin as a mainstream asset, others, like the author of this article, believe that it undermines the principles on which digital assets are built.
It's not clear who needs whom more; Bitcoin or Tandem?