Peter Schiff Blames Bitcoin Price Dip on Strategy's Steady Accumulation

Longtime Bitcoin critic and pro-gold advocate Peter Schiff has continued his regular criticism against the chairman of the world’s largest Bitcoin treasury company, Michael Saylor.

This time, Peter Schiff has blamed Michael Saylor for Bitcoin’s price dip, noting that the Bitcoin advocate is solely responsible for Bitcoin’s rise and fall.

Schiff has made his post in response to the viral claim that the recent sale of 32 $BTC by Michael Saylor contributed to Bitcoin’s drop below the $62,000 level.

Peter Schiff dismissed the narrative, suggesting that the company’s massive purchases over the years had a far greater impact on the market than other considerable factors.

Saylor takes back whatever he gives: Peter Schiff

Schiff has issued claims that the ongoing crypto market volatility is less attributable to the recent sale of 32 Bitcoin tokens by MicroStrategy, stressing that there is more to it.

According to Schiff, Bitcoin’s ongoing volatility is more attributable to lengthy years of aggressive accumulation by MicroStrategy. Schiff also extended the blame to the growing number of corporate Bitcoin treasury firms mimicking MicroStrategy’s accumulation pattern.

Schiff further acknowledged that MicroStrategy’s acquisition of more than 840,000 $BTC has so far helped fuel the previous rallies in the price of Bitcoin by creating sustained buying pressure.

However, he further noted the same pressure that supported Bitcoin’s rally is the same contributor to the sharp price decline, noting that Saylor takes back whatever he gives.

Schiff’s remark portrays Saylor as the sole controller of Bitcoin’s price potential, which implies that Bitcoin’s next price action is dependent on Saylor’s next move.