Peter Schiff Is Back at It—Taking Fresh Jabs at MicroStrategy’s Michael Saylor as Bitcoin Tumbles Below the $80000 Mark

This isn't the first time Schiff has taken a swipe at Saylor's aggressive Bitcoin strategy. Just recently, when MicroStrategy (MSTR) stock dropped by 11%

Peter Schiff, the outspoken critic of Bitcoin and noted gold bug, is known for his jabs at MicroStrategy CEO Michael Saylor and his firm's massive BTC holdings.

As Bitcoin dropped below the crucial $80,000 mark on Thursday, Schiff couldn't resist taking a jab at Saylor. In a tweet, he tagged Saylor and boldly stated: "Now that Bitcoin is below $80K, if you want to prevent it from crashing below your average cost of $68K, you had better back up the truck with borrowed money today and go all in."

Attention @saylor, now that Bitcoin is below $80K, if you want to prevent it from crashing below your average cost of $68K, you had better back up the truck with borrowed money today and go all in.

Schiff's tweet comes as crypto traders try to digest the broader market sell-off, which saw major equities like Apple and Microsoft open lower on Thursday.

One trader replied to Schiff's tweet, "Everything is down today, not just Bitcoin."

To which Schiff replied: "But Bitcoin is supposed to be a safe haven/store of value. If during market selloffs it crashes more than other assets, what value does it offer investors?"

Another user asked when Saylor's borrowing-heavy crypto play might backfire.

Schiff answered bluntly: "It will end with the bankruptcy of MSTR."

The discussion comes as Bitcoin struggles to stay afloat above a key psychological level of $78K.

At press time, BTC trades at $78,950.85, down 5.36% in the past 24 hours. Its market cap stands at $1.56 trillion, with a 24-hour trading volume of $42 billion—up over 190%.

Also Read: Despite Bear Market, MicroStrategy Stock Up 118% From March 2020 Lows