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Peter Schiff's Suggestion to Michael Saylor

Peter Schiff recently made headlines by joking with Michael Saylor, the founder of MicroStrategy. He suggested that Saylor should borrow another $4.3 billion to buy Bitcoin (BTC/USD) that the U.S. government plans to sell.

This comment came after the U.S. government announced it would sell 69,370 BTC seized from the Silk Road dark web marketplace. Earlier this week, the Supreme Court decided not to hear a case challenging the government's ownership of these funds, which clears the way for future sales.

“Once in a while, the government does something smart. I think Michael Saylor should have MicroStrategy borrow another $4.3 billion and buy it,” Schiff said, poking fun at the company's Bitcoin strategy.

This suggestion stands out, especially since Schiff has often criticized Saylor’s approach to Bitcoin. He has previously argued that companies holding Bitcoin on their balance sheets are taking unnecessary risks with shareholder funds.

Schiff has also questioned the “never sell your Bitcoin” strategy that Saylor advocates, a sentiment echoed by presidential candidate Donald Trump during his campaign.

MicroStrategy’s “Bitcoin strategy playbook” has led to impressive results. The company’s stock has surged by 1208% since August 2020, while Bitcoin itself has only risen by 445% during that time.

As of now, Bitcoin is trading at $62,296.78, down 0.51% in the last 24 hours, according to Benzinga Pro. Meanwhile, shares of MicroStrategy increased by 3.28% during regular trading hours on Tuesday.

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