Financier Peter Schiff criticized MicroStrategy CEO Michael Saylor for his company’s bitcoin hoarding policy.
Schiff said this week that BTC will soon face capital outflows and fall to zero. Right now, the cryptocurrency is popular as exchange traded crypto fund ETFs, which were legalized in the U.S. in early January, are getting in on the action.
According to the financier, capital should be accumulated in gold. Michael Saylor and Mark Cuban, who invested in bitcoin, made a big mistake.
As soon as interest in ETFs wanes, investors will start to withdraw from crypto funds. In this case, the price of the cryptocurrency will inevitably collapse and MicroStrategy, as one of the BTC hodlers, will face financial problems.
Bitcoin will destroy MicroStrategy’s business and kill Michael Saylor, Schiff noted.