Odious Bitcoin critic Peter Schiff has finally discovered a use case for the leading cryptocurrency

Odious Bitcoin critic Peter Schiff has facetiously revealed that he has finally discovered a use case for the leading cryptocurrency.

Odious Bitcoin critic Peter Schiff has facetiously revealed that he has finally discovered a use case for the leading cryptocurrency.

"I've often said there's no actual use case for Bitcoin. It turns out I was wrong," Schiff said.

Moreover, he has credited MicroStrategy (NASDAQ:MSTR) CEO Michael Saylor with introducing that use case.

Schiff claims that using Bitcoin for hedging against MicroStrategy (NASDAQ:MSTR) short could actually be a valid reason to own the cryptocurrency.

The exotic strategy has been credited to Greek-American investment manager Jim Chanos, who is known for his macroeconomic chart work, with CNBC also reporting on it.

The famous short-seller is known for betting against the companies that he believes are overvalued or flawed.

According to a recent report by the British news outlet Financial Times, Chanos is shorting Microstrategy, and he is using Bitcoin to hedge that short.

This means that by buying Bitcoin, Chanos could potentially offset losses from the MSTR short.

According to the report, Chanos is also a fan of cryptocurrencies, and he sees Bitcoin as a hedge against the market.

During an interview with the Financial Times, Chanos is also quoted as saying that he thinks Microstrategy could hit a $10 trillion valuation.

However, the company gets routinely criticized by some detractors for essentially being a proxy for Bitcoin with added risk. In one of his latest social media posts, Chanos argues that Microstrategy investors are essentially paying $3 of stock price in order to gain $1 of Bitcoin exposure. This will not be sustainable, according to a lot of critics.

It remains to be seen how Chanos's bet will play out. Microstrategy's shares are so far up by nearly 40% in 2023.