Peter Schiff, a long-time critic of Bitcoin, said: took a shower Fresh criticism of Michael Saylor comes after Strategy announced a major Bitcoin sale of approximately $225 million after years of steady accumulation.
The massive sale of Bitcoin by Strategy, a company known for its aggressive Bitcoin accumulation business model and “hold forever” narrative, has provoked reactions across the cryptocurrency ecosystem, especially from renowned commentator Peter Schiff.
Schiff estimates Strategy’s losses at $54 million.
Reacting to the move, Peter Schiff pointed to Strategy’s mounting losses, estimating that the company has already incurred realized losses of $54 million from the current sale.
Schiff said Strategy had been selling Bitcoin at an average price of about $60,196.73 per coin over the past two weeks. According to him, 3,588 pieces sold Bitcoin According to Strategy, considering the company’s current average cost marks a realized loss of $15,000 per BTC.
As such, he estimated a total loss of 3,588 Bitcoins sold for approximately $54 million, sparking curiosity about what will happen next.
Schiff expects Strategy’s losses to be even higher.
In addition to the $54 million loss estimate, Schiff further predicted that the company could incur even larger losses if it sells additional Bitcoins from its holdings, especially if market conditions remain as they are.
Although the move tends to contradict Saylor’s strict “buy and hold Bitcoin” principles, Schiff’s criticism of the move was not fully supported, with many arguing that Strategic’s decision to sell some of its Bitcoin holdings was good for the company and the Bitcoin ecosystem as a whole.
