Michael Saylor has continued to double down on his Bitcoin accumulation despite the prolonged market volatility. His latest purchase — which involved 3,015 BTC — has triggered reactions from the crypto community, especially Bitcoin’s long-term critic, Peter Schiff.
On Monday, March 2, Peter Schiff issued a congratulatory message with a dose of sarcasm to Michael Saylor’s latest Bitcoin acquisition. As usual, his reaction typically reignited the long-standing debate between gold and Bitcoin.
Saylor tops Bitcoin treasury despite unrealized losses
Prior to Schiff’s reaction, Michael Saylor announced that the leading investment firm, Strategy, had acquired an additional 3,015 BTC for approximately $204.1 million.
The firm made the new purchase at an average price of about $67,700 per BTC, bringing its entire Bitcoin holdings to 720,737 BTC worth about $54.77 billion, with an average cost of $75,985 per Bitcoin.
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This purchase stirred reactions across the crypto community, with enthusiasts lauding Saylor for his commitment, which has ignited the confidence of smaller investors.
Schiff, on the other hand, did not express admiration for Saylor’s strong confidence in Bitcoin; rather, he mockingly congratulated Saylor for bringing Strategy’s average purchase price back below $76,000.
Schiff recommends gold to Saylor
In his statement, Schiff describes Saylor’s consistent Bitcoin purchase amid the prolonged downturn as averaging down a losing trade, arguing that the firm’s unrealized losses continue to grow despite Saylor’s bold actions.
On the other hand, Schiff restated that gold has continued to surge against Bitcoin, as it is now trading above $5,400. He recommended that the vocal Bitcoin advocate could have channeled his daring trading habit to gold.
Amid the growing controversy on Bitcoin’s future price action, Saylor remains convinced that the asset is headed for a greater price surge above $200,000 in the near future.