Schiff: Bitcoin Journey Ends with Heavy Losses

Longtime Bitcoin critic Peter Schiff recently took aim at MicroStrategy co-founder Michael Saylor, accusing the latter of misleading his audience with false promises.

According to Schiff, the “Bitcoin journey” touted by Saylor eventually ends with “heavy losses.” “In truth, the Bitcoin journey is not quite as he describes. It beings with a sucker and ends with heavy losses,” the famed gold bug said in a social media post.

Apart from that, the financial commentator has also challenged Saylor to a debate. “Again Saylor mentions me, but won’t debate me,” he remarked.

Schiff was referring to Saylor’s keynote speech at the H.C. Wainwright Annual Global Investment Conference that is taking place in New York.

During his long speech, Saylor spoke candidly about his own Bitcoin journey. The MicroStrategy boss famously started off as a Bitcoin skeptic. Back in 2013, when the cryptocurrency was still relatively obscure, Saylor stated that its days were numbered while comparing it to online gambling. Now, he is widely known as one of the biggest Bitcoin evangelists. “I’ve seen the light. Bitcoin is gonna change the world. It’s unstoppable,” Saylor recalled during his keynote.

According to Saylor, everybody goes through the same Bitcoin journey: from being born as a denier to turning into a Bitcoin investor and ultimately a maximalist.

Schiff’s Bitcoin journey has been obviously different. The gold bug first dismissed the largest cryptocurrency back in 2011, and he is yet to warm up to the cryptocurrency despite Bitcoin (almost) constantly proving him wrong.

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