The villain Peter Schiff speaks out again.
Peter Schiff, known for his bearish stance on Bitcoin, has once again spoken out, this time not only targeting Bitcoin but also aiming his critique at the most bullish company on Bitcoin—MicroStrategy.
During the decline on Tuesday (November 26), Michael Saylor emphasized on social platform X that "it's never too late to buy Bitcoin." MicroStrategy also announced on November 25 that it purchased 55,500 BTC at an average price of about $97,862 per Bitcoin, totaling approximately $5.4 billion, setting a record for the largest single Bitcoin purchase in the company's history.
Peter Schiff criticizes MicroStrategy's actions, emphasizing that MicroStrategy's heavy reliance on Bitcoin is akin to 'putting all eggs in one basket', which could become a fatal weakness for the company itself and the entire market: 'Betting hundreds of billions of dollars in capital on a highly volatile asset is foolish and dangerous gambling.'
Image source: X Peter Schiff's tweet
"This matter" immediately caused Bitcoin to crash.
In addition to criticizing MicroStrategy, Peter Schiff also took the opportunity to attack, asserting that the price of Bitcoin is supported by MicroStrategy's massive buying volume, but he believes that such a source of demand is unstable. Once MicroStrategy stops buying, Bitcoin will lose important support, and the price may plummet or even face a crash: "It has been four weeks since MicroStrategy announced its $42 billion plan to acquire Bitcoin. MicroStrategy has spent $10 billion. At this rate, the three-year plan will be completed in about 16 weeks. Once the purchases are complete, both Bitcoin and MicroStrategy are expected to collapse."
Such remarks have reignited heated debates in the investment community. Most people believe that Peter Schiff's viewpoint is "alarmist," and analysts point out that attributing Bitcoin's current market value and scale entirely to the purchasing behavior of a single entity is overly simplistic.
Regarding Peter Schiff's accusations, MicroStrategy founder Michael Saylor has long been unfazed. He has repeatedly stated in public that the company's belief in Bitcoin is long-term and there are no plans to sell assets in the short term.
Furthermore, market data shows that even if MicroStrategy stops buying Bitcoin, it will not have a devastating impact on the entire market. According to Chainalysis reports, MicroStrategy's holdings account for only a small portion of global Bitcoin trading volume. In addition, other institutional investors such as Tesla and Ark Invest also have a presence in the Bitcoin market. Even if one player exits, other demand may still fill that gap.
The Bitcoin and cryptocurrency market has long matured.
The decentralized structure of Bitcoin gives it a high degree of resilience. As more and more countries (such as El Salvador adopting it directly as legal tender) and companies accept cryptocurrency, the sources of demand for Bitcoin have become more diversified and no longer rely on a few large players.
To this day, the price of Bitcoin is no longer simply supported by a few believers, but is the result of increased global adoption and overall industry development, especially after the approval of Bitcoin spot ETFs in early 2024. Whether it is the entry of institutional investors or the increased acceptance of Bitcoin by individuals, this demand continues to drive the market.
'Shouting for his collapse counts as winning? Peter Schiff speaks out again: "This matter" immediately caused Bitcoin to crash.' This article was first published on 'Crypto City'.
