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Peter Schiff's Grim Forecast: Microstrategy's Bitcoin Gamble Nears Dangerous Limits
Peter Schiff warns that Microstrategy’s $42 billion plan to boost bitcoin holdings, funded by debt and equity, risks a dangerous liquidity trap. He called Michael Saylor “the Egg Man.”
Liquidity Trap Looms? Schiff’s Ominous Message for Microstrategy’s Bold Plan
Economist and gold advocate Peter Schiff has called out Microstrategy utive chairman Michael Saylor’s latest bitcoin acquisition strategy, likening it to an old investment joke about market overreach. In a post on social media platform X Thursday, Schiff wrote:
Schiff used the story of a fictional trader who, sensing a promising market, buys egg futures in ever-larger quantities as prices climb. The trader speculates on egg futures, initially purchasing 100 contracts at 25 cents each. After the price rises to 35 cents, he buys 1,000 more. As prices continue to surge — reaching 50, then 65, and eventually 95 cents per contract — he makes increasingly larger purchases, ultimately owning millions of contracts. When the price hits $1.75, he decides to sell 2 million contracts. His broker responds, “Sell to whom, you’re the egg man!”
The economist’s analogy underscores a potential liquidity trap that he believes could affect Saylor and his company, Microstrategy, if bitcoin prices eventually decline or stabilize.
Schiff, chairman of precious metals dealer SchiffGold, frequently criticizes bitcoin and promotes gold. Last week, he observed that while assets tied to a potential Trump victory are rallying, bitcoin is not, asking: “If a Trump win is bullish for bitcoin, why isn’t it rising with Trump’s betting odds?” The gold advocate suggested that speculators may have already invested and warned of a potential “Trump dump.” He also cautioned that the Federal Reserve risks repeating past policy mistakes with anticipated interest rate cuts and a likely return to quantitative easing (QE). According to Schiff, this approach will fuel more debt, drive consumer prices up, weaken the dollar, and reignite inflation.