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Usha Yadav
Jun 14, 2022

Michael Saylor Tweets About his Bitcoin Belief, Peter Schiff Reacts

Michael Saylor Tweets
Although bitcoin is at its lowest level in a year and a half. And his company's significant crypto investments are in the red. Michael Sayler's belief in the world's most popular cryptocurrency is unshakable. Microstrategy CEO Sailor updated his Twitter profile shot with a picture of himself. In which lasers were coming out of his eyes. In the crypto realm, self-portraits with laser eyes symbolize that you support Bitcoin. Saylor updated his profile image hours after tweeting "In Bitcoin We Trust," reiterating his support for the cryptocurrency. After the Michael Saylor Tweets, Peter Schiff, a well-known investor and Bitcoin critic, reacted and said it would cost him. He added that the only thing he can do is to pray for Bitcoin.

Michael Saylor Tweets

Incidentally, this isn't the first time when Michael Saylor Tweets and Peter Schiff have differed from each other with respect to their opinions on Bitcoin. They got into a similar Twitter debate last year in May too.

Bitcoin Lows

Bitcoin has been trading at its lowest level since December 2020, with a recent high of $22,960. MicroStrategy, which holds large amounts of cryptocurrencies, experienced an unrealized loss of more than $1 billion at that price. The cryptocurrency was trading just above that level at 2 p.m. on Monday, at $23,500, placing the company's unrealized loss at more than $900 million. MicroStrategy's stock was down 21% to $160 a share on Monday afternoon, as equities experienced a broad selloff, hurting companies associated with cryptocurrency in particular.

Fortune’s Last Month Report

Fortune reported last month that MicroStrategy will face a margin call. And the $205 million loans received from Silvergate Bank would require more bitcoin collateral. If its price falls below $21,000. Microstrategy's chief financial officer Fong Le said during the company's first-quarter earnings call that the company has "quite a bit" of non-collateralized bitcoin. Which can put it in a margin call position.

Michael Saylor Tweets About his Bitcoin Belief, Peter Schiff Reacts
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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