Peter Schiff, a self-proclaimed gold bull analyst, recently commented on MicroStrategy founder Michael Saylor’s continued investment in Bitcoin, using a joke about the “egg man” to mock him, stating that MicroStrategy is not profitable and Bitcoin is just an old scam in new packaging.
You are the “egg man”!
Peter Schiff recently commented on MicroStrategy founder Michael Saylor. This came after MicroStrategy announced in its latest financial report that it will raise an additional $4.2 billion in capital over the next three years to further support its Bitcoin acquisitions. This reminded him of an old joke.
(After MicroStrategy’s software business continued to lose money, it plans to raise $4.2 billion in the next three years to further invest in Bitcoin)
A customer called his broker to inquire about egg futures prices and was quoted at $0.25 per contract. He immediately bought 100 contracts. A week later, the price rose to $0.35, and he decided to buy another 1,000 contracts. A few days later, the price rose to $0.5, doubling from his initial purchase. Feeling the trend, he bought 10,000 contracts, and the next day the price rose to $0.95, prompting him to buy an additional 1 million contracts. The following day, with the price rising again, he bought another 1 million contracts at $1.25.
On the second day, the trading price for egg contracts was $1.75. Feeling that the market was rising too fast, he instructed his broker to sell 2 million contracts. After a pause, the broker replied, “Sell to whom? You are the egg man!”
Will MicroStrategy’s market value surpass that of the largest gold mining company, Newmont?
Peter Schiff believes that MicroStrategy is not actually profitable and has hardly produced anything. However, its current market value exceeds that of all gold mining companies in the world, except for Newmont Gold Corporation (stock code: NEM). He also recently initiated a poll asking whether netizens believe that MicroStrategy’s market value will surpass Newmont’s. The current results seem to overwhelmingly agree with MicroStrategy.
Bitcoin is an old scam in new packaging
Peter Schiff has repeatedly criticized Bitcoin, and in a recent post, he still expressed that “Bitcoin is an old scam in new packaging.” However, he also noted that despite gold having its best year since 1979, retail investors are staying away from gold and its mining stocks, opting for Bitcoin ETFs and MicroStrategy (MSTR) instead. He believes this is one of the main reasons why gold mining stocks are still so cheap.
“Gold Man” vs. “Bitcoin Man”
Some netizens playfully compared his photos from 2012 and 2024, alongside the relative prices of Bitcoin and gold, jokingly calling him the “Gold Man”! In contrast, Michael Saylor should be the “Bitcoin Man,” judging from his joke, right?
