Economist drops warning on Michael Saylor’s next Bitcoin move

Veteran economist and longtime Bitcoin skeptic Peter Schiff pointed to Strategy's recent series of Bitcoin sales. Between late May and early August, the company offloaded 6,948 Bitcoin for roughly $431.8 million in net proceeds, or about $62,150 per coin.

In a post on X, Schiff noted that Saylor is now buying back some of what he sold, only this time at prices above $80,000 per Bitcoin.

His prediction: it won't be long before Strategy is selling again at lower prices, a cycle he suggested keeps repeating itself.

"Now he's buying back some of what he sold for over $80K per Bitcoin. It won't be long before he's selling at lower prices again," Schiff wrote.

Related: Analyst says XRP could be ready for a big move

Questioning the bullish spin

Schiff also took issue with the reasoning behind Bitcoin's latest rally.

In another post on X, he argued the move was driven largely by Strategy's fresh purchase and by what he called self-serving comments from Saylor. Saylor had claimed the Senate's failure to advance the Clarity Act was actually bullish for Bitcoin.

Schiff was skeptical, saying Saylor would likely have spun a passed Clarity Act as bullish too, regardless of the outcome.

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