Michael Saylor is Looking for a Government Bitcoin Bailout – Peter Schiff

Economist Peter Schiff has harshly criticized Michael Saylor, the founder of MicroStrategy, for his recent Bitcoin advocacy.

Saylor’s proposal suggested that the U.S. should back its currency with Bitcoin , comparing it to “cyber Manhattan.”

Saylor argued that adopting Bitcoin could bolster the U.S. economy similarly to historic land acquisitions like the Louisiana Purchase.

He urged the government to acquire a significant Bitcoin reserve, drawing a parallel to its existing gold and land holdings.

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Schiff rejected Saylor’s proposal, denouncing it as a form of a pyramid scheme. He warned that such a move could endanger taxpayers if the scheme fails.

Ironically, @saylor is looking for a government #Bitcoin bailout. He knows the Bitcoin blockchain letter is running out of chain and wants the U.S. government to become the buyer of last resort, leaving American taxpayers as the ultimate bag holders in the Bitcoin pyramid scheme.

— Peter Schiff (@PeterSchiff) July 26, 2024

Schiff criticized Bitcoin as lacking real value and yield compared to traditional investments and commodities.

The renowned economis also targeted the Bitcoin documentary “God Bless Bitcoin,” accusing it of falsely portraying Bitcoin as an equitable investment and efficient in energy use. He argued that Bitcoin is wasteful and that early investors have an unfair advantage over later entrants.

The exchange highlights the ongoing debate over Bitcoin’s role and value in the financial system, with Saylor envisioning a pivotal role for Bitcoin and Schiff remaining a vocal skeptic.