Peter Schiff, well-known for his critical stance on Bitcoin, has intensified his criticisms toward Michael Saylor following Strategy’s sale of approximately $225 million worth of Bitcoin. This move comes after years of consistent accumulation by the company, and has sparked significant debate across the cryptocurrency markets.
Schiff highlights steep losses
Schiff argued that in the past two weeks, Strategy sold Bitcoin at an average price of $60,196.73 per coin. According to his calculations, the sale of 3,588 BTC reflects a loss of about $15,000 per coin, when compared to the company’s average acquisition cost.
Based on these numbers, Schiff estimated that the total realized loss from this transaction amounts to roughly $54 million. Peter Schiff is a prominent US economist and market analyst, widely recognized for his outspoken skepticism toward Bitcoin and cryptocurrency investments.
Peter Schiff asserted that Strategy’s sale of 3,588 BTC led to an estimated $15,000 loss per coin, with overall losses reaching approximately $54 million.
Warning of deeper losses if further sales occur
Schiff further warned that should the company continue to offload its Bitcoin holdings, total losses could deepen. He emphasized that if market conditions remain unchanged, the financial strain on Strategy could increase even further.
Strategy had been known for its aggressive Bitcoin accumulation policy in recent years, adopting a long-term holding strategy often spotlighted by its executive Michael Saylor. Thus, the recent sales appear to contradict Saylor’s longstanding message about holding Bitcoin for the long haul.
Divided opinions within the market
However, Schiff’s criticism has not received unanimous support within the cryptocurrency community. Some market participants argue that selling a portion of Strategy’s Bitcoin reserves could be a prudent decision for the company’s balance sheet.
According to these voices, such asset sales are not unusual and can be part of routine portfolio management, not just for Strategy but also for the broader Bitcoin ecosystem. This perspective suggests the move should not be interpreted as a negative signal in itself.
While some see Strategy’s decision to sell as a step toward a more balanced position, others interpret it as a significant deviation from a strict Bitcoin holding policy.
At the heart of the current debate lies the question of whether this sale was simply a one-time adjustment for accounting purposes, or indicative of a broader shift in the company’s Bitcoin strategy. For now, Schiff’s focus on reported losses and warnings about the potential impact of further sales are dominating discussions.
