Naughty Bitcoin critic Peter Schiff revealed in facetive that he eventually discovered a major cryptocurrency use case.
“I’ve often said that there’s no real use case for Bitcoin. I knew I was wrong,” he said.
Additionally, he believes that strategy co-founder Michael Saylor introduced the use case.
Schiff argues that using Bitcoin to hedge against Strategy (MSTR) shorts could be a good reason to actually own cryptocurrency.
The exotic strategy was pioneered by Jim Chanos, Greek-American investment manager at CNBC. Report.
The famous short seller is known for betting on companies he believes to be overrated or flawed.
By purchasing Bitcoin, Chanos could offset losses from MSTR shorts.
In an interview with the Financial Times, the strategy predicted that the company could potentially turn into a $10 trillion company.
However, the company is routinely criticized by some detractors as it is a Bitcoin proxy with added risk. In one of his latest social media posts, Chanos claims that strategic investors are basically paying a $3 share price to gain $1 worth of Bitcoin exposure. According to many critics, this is not sustainable.
