MicroStrategy and BlackRock Could Sell $36 Billion in Bitcoin, Peter Schiff Believes
In a recent announcement, MicroStrategy revealed that they have purchased an additional 169 BTC in the past month. This brings their total Bitcoin holdings to 226,500 BTC, worth approximately $15.06 billion. On the other hand, BlackRock’s IBIT ETF holds 343,387.46 BTC, valued at around $21.7 billion. Together, these two market giants own a staggering 569,000 BTC, totaling $36 billion.
Peter Schiff, a prominent crypto skeptic, has raised concerns about the massive Bitcoin portfolio held by MicroStrategy and BlackRock. He suggests that these companies may be pressured to sell their BTC holdings, potentially causing a significant impact on the market. Schiff believes that BTC is worthless and investors may decide to cut their losses by selling off their Bitcoin assets.
The possibility of a large sell-off by MicroStrategy and BlackRock has raised fears among investors. Schiff points to a recent example in Germany, where the sale of a $3 billion stake led to a 20% drop in price within a month. With holdings 12 times bigger than Germany’s, the potential impact of a sell-off by these two companies is uncertain.
In conclusion, the market could face upheaval if MicroStrategy and BlackRock decide to sell their massive Bitcoin holdings. Investors should stay vigilant and monitor the situation closely to protect their investments.