Famous economist and cryptocurrency critic Peter Schiff took aim at the increasing adoption of Bitcoin (BTC) by companies as a strategic treasury asset. Criticizing Michael Saylor's enthusiasm for Bitcoin, Schiff stated that this asset is neither strategic nor suitable as a treasury asset.

Michael Saylor often shares his excitement about Bitcoin's adoption as a strategic treasury asset. Emphasizing the importance of Bitcoin being included in company balance sheets, especially as the president of MicroStrategy, Saylor made a statement: "We now have other companies that will add Bitcoin to our balance sheet as a strategic treasury asset." These statements were made by quoting what Bitcoin investor Bill Miller said in an interview with CNBC.

However, this enthusiasm is not shared by everyone. Bitcoin critic and gold advocate Peter Schiff was skeptical of Saylor's enthusiasm. “Bitcoin is neither strategic nor suitable as a treasury asset,” Schiff said. Companies should not gamble with shareholders' funds; dividends should be paid and shareholders should be allowed to gamble with their own money,” he responded to Saylor.

While Peter Schiff's criticisms are often considered carefully by Bitcoin enthusiasts, Schiff's words are often ignored. Michael Saylor started buying Bitcoin in 2020 as an inflation hedge and cash alternative. His company, MicroStrategy, is known as one of the largest publicly traded Bitcoin holders in the world. As of June 20, it holds 226,331 BTC worth approximately $8.33 billion at an average of $36,798.

Over the weekend, Schiff expressed his surprise by stating that, according to a survey he conducted on the These investors also said they would continue to buy Bitcoin even when prices dropped. Schiff suggested that the main reason investors buy BTC is the impact of past performances.

According to Bitfinex analysts, with the US government spending a large portion on debt service, the BTC price may become more attractive compared to government bonds. Analysts note that the US's $35 trillion national debt has increased Bitcoin's importance as a 'stablecoin' and could serve as a potential catalyst for the next bullish cycle. This may encourage investors to seek alternative stores of value, which they see as hedges against economic inefficiencies.

Analysts also add that the impending debt crisis could be avoided if the US dollar was a “stable currency” that did not have an unlimited supply. They make the following statement:

“The bulk of the current U.S. national debt is created by inflation, the depreciation of the currency against other currencies, and the ability of any government to print as much money as it wants. “Bitcoin can rightly be considered one of the true stablecoins as it is largely protected against inflation, has a limited supply, is durable due to its digital nature, and is increasingly accessible.”

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