- Peter Schiff humorously advised Michael Saylor to borrow $4.3 billion to buy seized Bitcoin.
- Bitcoin price fell by 1.81%, trading at around $61,010 amid sale preparations.
Amid ongoing discussions about the various uses for the Bitcoin [BTC] seized from the Silk Road marketplace, prominent economist and noted BTC critic Peter Schiff voiced his opinion on X (formerly Twitter).
On the 9th of October, he joined the discussions about the U.S. government’s upcoming sale of 69,370 Bitcoin, valued at approximately $4.3 billion.
Schiff takes a jab at Michael Saylor
Known for his strong advocacy of gold over cryptocurrency, Schiff humorously suggested that MicroStrategy CEO Michael Saylor should consider borrowing the $4.3 billion to invest in BTC.
He said,
“It looks like the U.S. government is getting ready to sell 69,370 #Bitcoin, worth about $4.3 billion at current market prices. Every once in a while, the government does something smart. I think @saylor should have $MSTR borrow another $4.3 billion and buy it. Who agrees with me?”
But why Saylor?
Schiff’s choice to target Saylor stems from the latter’s bold strategy at MicroStrategy, where he has overseen the acquisition of billions in Bitcoin since 2020.
As expected, Schiff has often denounced this approach as a precarious gamble.
For those unaware, MicroStrategy has recently raised over $1 billion, allocating a portion of those funds to acquire an additional 7,420 BTC.
This latest purchase increased the company’s total Bitcoin holdings to 252,220 coins, which are now valued at approximately $16 billion.
Community reaction
That being said, the post generated significant engagement within the crypto community.
Starting with Henry Scavacini, who emphasized Bitcoin’s six essential attributes: durability, portability, divisibility, fungibility, scarcity, and acceptability.
Scavacini also introduced a seventh characteristic—immutability—highlighting its exclusivity to blockchain-based assets.
This addition ignited further dialogue among community members, many of whom rallied to defend BTC’s reputation as a form of “hard money.”
Source: G. Henry Scavacini/X
In response to this, Schiff replied,
“It’s missing the most important. Actual real value.”
Schiff: The Bitcoin critic
For those unfamiliar with his stance, Schiff has long been a vocal critic of BTC. He contended that it falls short of gold in terms of tangible value.
He recently suggested that the hype surrounding Bitcoin has caused investors to overlook gold’s remarkable performance, which has reached new heights.
Source: Peter Schiff/X
Other possible suggestions
Needless to say, in contrast to Schiff’s proposal, Democratic Representative Ro Khanna advocated for the government to maintain the seized Bitcoin as a strategic reserve.
Meanwhile, Republican presidential candidate Donald Trump has also shown interest in establishing a BTC reserve should he win the election.
He said,
“I am announcing that if I am elected, it will be the policy of my administration, the United States of America, to keep 100% of all the Bitcoin the U.S. government currently holds or acquires into the future.”
Thus, as the U.S. government prepares to sell its seized BTC, the cryptocurrency’s price has experienced a further decline of 1.81%.
BTC was trading at approximately $61,010 according to CoinMarketCap.
