Schiff Roasts Saylor as Bitcoin Finds Unlikely Utility—Gold Bugs Recoil

Peter Schiff couldn’t resist a jab at MicroStrategy’s Michael Saylor after Bitcoin’s latest surprise adoption—proving even maximalists get blindsided. The ’digital gold’ narrative takes a hit as BTC finds real-world use beyond HODL memes.

Wall Street snickers as the ’inflation hedge’ moonlights solving actual problems. Who needs fundamentals when you’ve got fanatical buyers?

In a recent post on X, Schiff acknowledged that bitcoin does have a use case, though not the one Bitcoin supporters typically promote. He was referring to famed short-seller Jim Chanos, who revealed that he bought Bitcoin to hedge his short position in $MSTR (Strategy’s stock).

In simple terms, Chanos is betting that Strategy’s stock will fall, and he’s using Bitcoin as a safety net in case it rises. Schiff joked that Michael Saylor, Strategy’s executive chairman and big Bitcoin believer, has accidentally created a real use case for Bitcoin: as a hedge against his own company’s risky Bitcoin strategy.

This is especially ironic because Schiff has always been one of Bitcoin’s harshest critics. Over the years, he has consistently warned that Bitcoin has no intrinsic value, is too volatile, and is driven only by speculation. He has also frequently attacked Strategy’s aggressive Bitcoin buying, calling it reckless and predicting it will eventually backfire.

On May 3, he argued that Bitcoin is still behaving more like a tech stock than a reliable store of value. He said it hasn’t “decoupled” from the NASDAQ and warned that its price is still mainly driven by hype. He advised investors to stick with Gold instead.

Additionally, his latest criticism came on Strategy’s new Bitcoin purchase, where Strategy has bought 13,390 BTC for about $1.34 billion. Schiff also warned that if Bitcoin’s price drops again, the Strategy could be in serious trouble. Because the company has borrowed heavily to buy Bitcoin, a significant price fall could turn paper profits into massive real losses.

Peter Schiff still doesn’t believe in Bitcoin, and he never misses a chance to criticize Strategy and Michael Saylor. But even he admits that Bitcoin now has one use: helping traders protect themselves from the very risks that Saylor has created.

Also Read: Peter Schiff Slams Bitcoin—Again—Says Strategy Will ‘Go Bankrupt’