Peter Schiff Suggests MicroStrategy Should Acquire $4.3B in Seized Bitcoin from Silk Road

Renowned economist and Bitcoin skeptic Peter Schiff has suggested that MicroStrategy, led by CEO Michael Saylor, should consider purchasing a massive stash of Bitcoin seized by the U.S. government from the infamous Silk Road marketplace. Schiff’s comments came via a tweet on October 8, 2024, where he humorously proposed that MicroStrategy borrow another $4.3 billion to buy the 69,370 BTC the government plans to sell.

Schiff tweeted, “It looks like the U.S. government is getting ready to sell 69,370 Bitcoin, worth about $4.3 billion at current market prices. Every once in a while, the government does something smart. I think @saylor should have $MSTR borrow another $4.3 billion and buy it. Who agrees with me?“. This remark is particularly notable given Schiff’s history of criticizing Saylor’s aggressive Bitcoin acquisition strategy.

It looks like the U.S. government is getting ready to sell 69,370 #Bitcoin, worth about $4.3 billion at current market prices. Every once in a while, the government does something smart. I think @saylor should have $MSTR borrow another $4.3 billion and buy it. Who agrees with me?

— Peter Schiff (@PeterSchiff) October 8, 2024

The U.S. government is preparing to liquidate the seized Bitcoin following a Supreme Court decision that cleared the way for the sale. The court’s ruling ended a legal battle over the ownership of the funds, allowing the government to proceed with the sale of the Bitcoin, currently valued at approximately $4.3 billion.

Schiff’s suggestion has sparked a mix of reactions within the cryptocurrency community. While some see it as a sarcastic jab at Saylor’s strategy, others view it as a potential opportunity for MicroStrategy to further solidify its position in the Bitcoin market. Schiff has previously criticized the trend of companies holding Bitcoin on their balance sheets, arguing that it is a risky gamble with shareholders’ funds.

Michael Saylor has yet to respond to Schiff’s tweet, but given his past enthusiasm for Bitcoin, it will be interesting to see if he considers this bold move. MicroStrategy’s stock has seen significant gains since the company began its Bitcoin acquisition strategy, with shares surging over 1200% since August 2020.