Schiff’s commentaries are in line with a recent trend in the corporate world where major companies are increasing their Bitcoin exposure.
In a recent X post, Peter Schiff criticized the recent surge of SMLR stock price that happened briefly after a company announcement. A few hours ago, healthcare firm Semler Scientific (NASDAQ: SMLR) made headlines after it announced its acquisition of $40 million worth of Bitcoins as part of its treasury. Almost instantaneously, the Semler (SMLR) stock price reacted positively to the news, surging more than 25% in the process. As of the close of the market on Tuesday, the SMLR stock was seen trading at $29.0 levels and even added an extra 10% in the aftermarket hours.
Peter Schiff Not Impressed by Bitcoin-Buying Antic of Semler and Others
Hours later, popularly-known economist and Bitcoin critic Peter Schiff took to social media to share what he believes could be the negative implications of such moves where companies such as Semler continue to seek avenues to increase exposure to Bitcoin as part of their treasury. He painted a scenario where all publicly traded US companies decide to sell their assets, cease operations, and use whatever they gain to accumulate Bitcoin.
According to Schiff, such moves will greatly increase the value of each 0 to that move would be for the market capitalization of US stocks to surge. In theory, that makes everyone wealthy, he submitted.
For some of his followers, Schiff’s opinion is because he has always taken an anti-Bitcoin stance. Therefore, his negativity about the prospects of big companies stacking up on Bitcoin might be because he knows that he’ll be left out if everyone is to become rich. However, Schiff rebuffed that notion, claiming that he has reasonable amounts of investment in US oil stocks. So, he expects these stocks to also surge in value if the companies liquidated their operations to invest in Bitcoin. He simply wrote:
“I will be rich too.”
The Trend
Schiff’s commentaries are in line with a recent trend in the corporate world where major companies are increasing their Bitcoin exposure.
MicroStrategy, for instance, is the world’s largest corporate holder of Bitcoin. Japan’s public-listed firm Metaplanet has also been increasing its Bitcoin exposure. The most recent was on Tuesday after its board of directors decided to purchase ¥250 million worth of Bitcoin as part of its newly-found strategy.
Semler Scientific may be the latest on the long list of companies following this trend, but many others have also shown interest in following the same path.
next