at Bitcoin evangelist Michael Saylor over his recent announcement of a $500 million bond sale that is meant to boost Bitcoin.Schiff predicted that the price of the flagship cryptocurrency could crash if Saylor were to stop propping it up with massive leveraged buying."Not again. I wonder how much lower Bitcoin would be now were it not for all this leveraged buying," the cryptocurrency critic said.
After initially adopting the flagship cryptocurrency as its treasury reserve asset in August 2020, MicroStrategy went on to announce its first convertible bond offering in December 2020 to specifically buy more Bitcoin. The move spooked some analysts, with Citi rushing to downgrade MicroStrategy's stock. While Schiff is known for his doom-laden Bitcoin takes, banking giant JPMorgan also expressed concerns about MicroStrategy's leveraged Bitcoin buys earlier this year.
Earlier this week, Schiff also cautioned Bitcoin buyers that ETFs would not save them since their buyers are not"diamond hands" holders.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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