U.Today – price soared to a new high (ATH) of $106,488.25 on December 15th after almost a week of price action. Breaking his silence on this historic move, Bitcoin critic Peter Schiff said the price likely moved before MicroStrategy made the new purchase. Since surging to ATH, the coin has fallen to $104,693.33.
Peter Schiff projection
Bitcoin pundits predicted that the market might learn today that Michael Saylor was the buyer that caused the BTC price to skyrocket. He highlighted that this weekly accumulation has been a trend for the past five Mondays and touted Saylor as a major market mover in Bitcoin prices.
Despite this trend, Peter Schiff is responding to a direct question from the community as to why he has refused to purchase the coin despite the expected growth.
In a subsequent post, he denounced Bitcoin's influence over buyers overall. He said many new people are buying the coin because they want to get rich. However, he emphasized how unsustainable this cycle is as Bitcoin holders refuse to sell.
He contrasted this trend with that of gold. He argued that people who are buying gold are buying it to stay rich, not to get rich like Bitcoin.
Michael Saylor has a different view
Many people have pointed out the flaws in Peter Schiff's criticism of Bitcoin, but Michael Saylor's stance stands out. Saylor believes Bitcoin is the perfect way to preserve the value of the US dollar.
His beliefs also rest on Bitcoin's role as a hedge against inflation and sustainable wealth creation.
In accordance with what is now known as the Bitcoin Standard, MicroStrategy is joining the standard for the first time since its inception. The company gained recognition as the first cryptocurrency-focused company to earn its inclusion, making it a bellwether for other companies.
This article was originally published on U.Today
