Peter Schiff believes Michael Saylor may sell even more Bitcoin
Peter Schiff believes that Michael Saylor may need to sell even more Bitcoin. He argues that if Saylor's company, MicroStrategy, aims to return its STRZ preferred shares to a $100 target (currently trading below $95), it will require further sales of Bitcoin and MSTR stock.
To support its share buyback program, MicroStrategy recently sold 1,637 BTC for $102 million and 6.59 million MSTR shares for $653.1 million, boosting its dollar reserves to $4.65 billion. Schiff contends that continued selling of these assets to prop up STRZ shares will add downward pressure on Bitcoin's price, causing it to underperform gold.
He links Bitcoin's current weakness—trading around $62,000—to gold's recent strength, with prices surpassing $4,300. Schiff predicts further gold appreciation will intensify pressure on Bitcoin. However, he acknowledges that weak U.S. labor market data has fueled expectations of Federal Reserve policy easing, which could provide a positive boost to risk assets, including cryptocurrencies.
cryptonews.ru44 min fa