Crypto Critic Claims MicroStrategy Buys BTC to Avoid Liquidating

• Peter Schiff said MicroStrategy invests in BTC desperately to avoid liquidating.
• Schiff claimed the company chairman Michael Saylor admitted so.
• The crypto critic thinks people who bought BTC because of Musk are thoughtless.

Peter Schiff’s hatred for Bitcoin (BTC) is causing him to bad-mouth major Web3 firms for their decision to buy cryptocurrency. Schiff, a renowned economist, claimed that the chairman of MicroStrategy, Michael Saylor, admitted that investing in BTC was a desperate decision to save the company from liquidation.

However, Schiff did not provide a source to substantiate his claim, and neither did Saylor replied his allegation.

MicroStrategy recently added 301 units of BTC to its reserve, bringing the crypto under its watch to almost 130,000 bitcoins, acquiring them for a total price of $3.98 billion, or $30,639 per coin.

Notably, the Bitcoin skeptic economist has always seized every opportunity to attack Saylor, a staunch promoter of the Bitcoin revolution. Last week, Schiff told the MicroStrategy chairman that he has no right to criticize the former CEO of FTX, Sam Bankman-Fried, for fraud, given that Saylor previously encouraged people to buy BTC when it cost $60k.

Yesterday, Schiff described people who invested in Bitcoin because Elon Musk promoted it as thoughtless, adding that Musk takes no responsibility for their incurred losses. He expressed the sentiment while comparing the losses of Tesla investors to those of Bitcoin investors.

Data from Google Finance demonstrates that the price of Tesla stock has been in a much worse shape when compared to Bitcoin. Tesla shares are down by 18% and 42% in the last one and six months, respectively. On the other hand, BTC saw a positive 7% in a month and a negative 18% in six months.