Goldbugs vs Bitcoiners Will Michael Saylor Accept this New Human Battle of Wits

The so-called gold bull analyst Peter Schiff recently commented on MicroStrategy founder Michael Saylor’s increased investment in Bitcoin, mocking him with a “chicken and egg” joke, claiming that MicroStrategy has not made any profits and that Bitcoin is merely an old scam in new packaging.

You are the “Chicken Man”!

Peter Schiff recently commented on MicroStrategy founder Michael Saylor. This comes as MicroStrategy announced in its latest financial report that it will increase its capital by $42 billion over the next three years to further support its Bitcoin acquisitions. This reminded him of a joke from long ago.
(MicroStrategy’s software business continues to incur losses while raising $42 billion over the next three years to increase Bitcoin purchases)
A client called his broker to inquire about the price of egg futures, receiving a quote of $0.25 per contract, and he immediately bought 100 contracts. A week later, the price rose to $0.35, prompting him to buy another 1,000 contracts. A few days later, the price increased to $0.50, doubling since his first purchase. Sensing the trend, he ramped up his buying, purchasing 10,000 contracts, and the next day, the price indeed rose to $0.95, leading him to buy an additional 1 million contracts. The following day, the price rose again, confirming his intuition, and he bought another 1 million contracts, with the price now at $1.25.
The next day, the trading price for egg contracts was $1.75. Feeling that the market had risen too quickly, he instructed his broker to sell 2 million contracts. After a pause, the broker replied, “To whom are you selling? You are the Chicken Man!”

Will MicroStrategy’s market value surpass that of the largest gold mining company, Newmont?

Peter Schiff believes that MicroStrategy has not actually made any profits and has produced virtually nothing, yet its current market value exceeds that of all gold mining companies in the world, except for Newmont Mining Corporation (stock code: NEM). A few days ago, he initiated a poll asking netizens whether they believe MicroStrategy’s market value will surpass Newmont’s. The current results seem overwhelmingly in favor of MicroStrategy.

Bitcoin is an old scam in new packaging

Peter Schiff has repeatedly criticized Bitcoin, stating in a recent post that “Bitcoin is an old scam in new packaging.” However, he also mentioned that despite gold having its best year since 1979, retail investors are shying away from gold and its mining stocks, opting instead for Bitcoin ETFs and MicroStrategy (MSTR). He believes this is one of the main reasons why gold mining stocks remain so cheap.

“Gold Man” vs. “Bitcoin Man”

Some netizens playfully compared their photos from 2012 and 2024 alongside the relative prices of Bitcoin and gold, humorously dubbing him the “Gold Man”! In contrast to his joke, Michael Saylor might well be the “Bitcoin Man”!

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