Renowned economist Peter Schiff took a cheeky dig at the swift pace at which MicroStrategy Inc. (NASDAQ:MSTR) was executing its Bitcoin (CRYPTO: BTC) purchase plan.
What Happened: On Monday, Schiff took to X to comment on the Michael Saylor-led company's aggressive Bitcoin buying strategy.
He noted that the company has already spent $6.63 billion of its ambitious $42 billion three-year plan announced less than three weeks ago.
"At this rate, the entire plan will be completed in under four months. Then Saylor is gonna need a bigger plan," the Bitcoin critic made a tongue-in-cheek remark.
It's been less than three weeks since @Saylor announced a three-year plan for $MSTR to spent $42 billion buying #Bitcoin. So far, $6.63 billion has already been spent. At this rate the entire plan will be completed in under four months. Then Saylor is gonna need a bigger plan.
— Peter Schiff (@PeterSchiff) November 18, 2024
Why It Matters: Schiff's comments come in the wake of MicroStrategy's recent acquisition of 51,780 Bitcoin for approximately $4.6 billion. With the latest grab, MicroStrategy holdings shot up to 331,200 BTC, acquired at a total purchase price of approximately $16.5 billion, and worth over $30 billion at current market prices.
MicroStrategy views Bitcoin as a strategic reserve asset, offering exposure to digital assets as an alternative to traditional capital. The company announced that it would raise $42 billion over the next three years through equity and debt financing to buy more Bitcoin.
Meanwhile, Schiff has continued to take potshots at anything and everything connected to Bitcoin.
Last month, he predicted a 'bloodbath' for MicroStrategy's stock, terming it the most overvalued on the MSCI World Index. He also questioned the soaring market capitalization of MicroStrategy compared to gold mining companies.
Price Action: At the time of writing, Bitcoin was exchanging hands at $91,274.52, up 0.91% in the last 24 hours, according to data from Benzinga Pro.
Shares of MicroStrategy soared 13% to close at 384.79 on Monday. The stock was up a whopping 455% year-to-date.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
