On Monday, gold bug and economist Peter Schiff and MicroStrategy CEO, Michael Saylor engaged in a heated debate over Twitter about Bitcoin. The Bitcoin Spat Between Peter Schiff and Michael Saylor Schiff tweeted that CEOs who followed Saylor’s “asinine advice to plug their balance sheets into Bitcoin” to hedge against a 2% annual inflation rate are experiencing 17 years’ worth of predicted inflation losses, with their “hedge” falling by as much as 34%. Bitcoin was the last trading of about $45,000 on Tuesday, and it has gained % this year. It dropped nearly 13% after billionaire Elon Musk surprised the crypto industry by suspending bitcoin payments for Tesla, citing concerns about its mining process’s energy consumption. Saylor responded to Schiff with a screenshot of gold’s investment gains relative to bitcoin, demonstrating that the precious metal would have provided returns 77% lower than Bitcoin over the previous year. Gold, according to Schiff, is a much more stable commodity than cryptocurrencies. He asked Saylor, whose MicroStrategy firm owns billions of dollars in bitcoin, why they don’t want to discuss the issue instead of passing up opportunities to do so. Saylor Argues That Discussing Schiff Is Pointless “It’s unclear what we’d debate,” Saylor wrote on Twitter. “Your stance tends to be ‘Buy any gold, silver, or gold stocks, or government bonds, or corporate bonds, or dividend stocks, or value stocks, or emerging market stocks, or small business stocks, or something really – but not too much.” Saylor retorted that it was pointless to debate someone who “offers nothing but terror, confusion, doubt, and vitriol. The world needs strong capital, and since you admit you have no confidence in #gold, equity, bonds, or fiat, #Bitcoin wins by default,” he continued. MicroStrategy Inc has announced the acquisition of 229 bitcoins for $10.9 million at an average price of $43,663 per bitcoin, including fees. The company currently has over 92,000 bitcoins in its possession, having invested $2.25 billion on the entire stash at an average selling price of $24,450 per bitcoin.
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