For the first time, Saylor admitted that adding Bitcoin to the MicroStrategy balance sheet was essentially a “Hail Mary” to prevent the company from going out of business, according to Peter Schiff, Chief Economist & Global Strategist, who tweeted this on December 20th.
Peter Schiff asserts that MSTR has nothing to offer if its primary asset is a leveraged speculative stake in Bitcoin. However, other Bitcoin supporters rushed in Saylor’s defense and advised that in order to rebalance a portfolio holding, BTC would be a smart approach.
Schiff has been aggressively criticizing Bitcoin and anyone who promotes it as an investment or volatility exposure tool. He advocates for gold which is currently on a rally. He also criticizes Bitcoin for not being able to maintain its level, much less grow its own prominence.
An enthusiast for crypto claims that despite the fact that a significant amount of gold was discovered in Uganda this year, it is unknown how much more gold will be found in the future. When mined, there are currently and always will be 21 million bitcoins accessible. It’s a fixed amount; Peter is responsible if he doesn’t comprehend this.
Some said that it is all about because Peter hates BTC and Saylor. Others have drawn attention to the fact that Wells Fargo was fined 2% of its market worth, whereas Schiff was forced to liquidate his bank. Schiff’s riches would still be intact, according to Bitcoin supporters, if he kept his money in cryptocurrency.
Bitcoin Supply Held By Retail Reaches 17%
Will Clemente, co-founder of Reflexivity Research, Tweeted on December 20th that based on Glassnode’s on-chain research, retail traders now hold 17% of the total BTC supply, and these investors are individuals whose wallets have fewer than ten coins.
Will Clemente said that the asset is not yet perfect, but it is robust for a 12-year-old asset and is unquestionably going in the right way.
Despite the collapse of some well-known companies, retail investors have increased their holdings of Bitcoin this year. Additionally, the percentage of BTC supply owned by long-term holders is at its greatest level ever.
However, retail investors usually wait until there is a bull market before they invest, while institutions accumulate during the down cycle. According to their latest report, Coinbase Institutional found that long-term Bitcoin holders own 85% of all BTC currently in circulation.
Some said that it is all about because Peter hates BTC and Saylor. Others have drawn attention to the fact that Wells Fargo was fined 2% of its market worth, whereas Schiff was forced to liquidate his bank. Schiff’s riches would still be intact, according to Bitcoin supporters, if he kept his money in cryptocurrency.
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