Peter Schiff Confronts Donald Trump And Michael Saylor's 'Never Sell Your Bitcoin' Strategy: 'What's The Point Of Owning It?'

Renowned economist Peter Schiff has taken a swipe at former President Donald Trump and MicroStrategy Inc. MSTR co-founder Michael Saylor’s ‘never sell your Bitcoin BTC/USD’ stance, questioning the logic behind the strategy.

What Happened: On Sunday, in a post on X, Schiff expressed skepticism towards the idea of retaining Bitcoin. He questioned the point of owning Bitcoin if no one ever sells it, comparing it to living in poverty while dying and holding a large amount of the cryptocurrency.

Both @saylor and #Trump say "never sell your #Bitcoin." If that's true and no one who buys Bitcoin ever sells any, what's the point of owning it? What's the appeal of living in poverty, dying with a big stack of Bitcoin, with successive generations of heirs repeating the process?

— Peter Schiff (@PeterSchiff) July 28, 2024

In another post, he pointed out what he perceives as flawed logic in the argument that Bitcoin’s value will skyrocket due to the U.S. inflating away its national debt. Schiff argued that the U.S. government could buy Bitcoin now and sell it in 20 years to repay the National Debt without creating inflation.

Noticed the flawed logic. #Bitcoin will go to millions per token because the U.S. will have to inflate away it's exploding #NationalDebt. But the U.S. government will buy Bitcoin now, then sell it in 20 years to legitimately repay the National Debt, without creating #inflation.

— Peter Schiff (@PeterSchiff) July 28, 2024

See Also: One Crypto Is Poised To Outperform Bitcoin, Says Crypto Expert

Why It Matters: Schiff’s comments come in response to Trump’s recent advocacy for a strategic national cryptocurrency stockpile. During his keynote speech at the Bitcoin 2024 Conference, Trump assured that if he were to return to the presidency, the U.S. government would retain its Bitcoin holdings.

The presidential nominee also stated that Bitcoin would skyrocket like “never before” if he came back to power and promised to fire current SEC Chair Gary Gensler on Day 1 of his tenure.

Michael Saylor was also one of the speakers at the conference and he stunned the cryptocurrency community by forecasting that the King Crypto would hit a staggering $13 million by 2045 in a base case scenario, and nearly $49 million in a bull case.

Price Action: At the time of writing, Bitcoin was trading at $68,693.74, up 0.89% in the last 24 hours, according to data from Benzinga Pro. Trump-themed Maga Coin TRUMP/USD was up 0.26%. Shares of MicroStrategy closed 9% higher at $1,752.71 during Friday's trading session.

Photo courtesy: Gage Skidmore on Flickr

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.