Giustra Slams Saylor Over Strategy's Bitcoin Sales
Canadian billionaire investor Frank Giustra has criticized Michael Saylor and his company Strategy over their handling of Bitcoin. According to Giustra, Saylor's actions have done more harm than good for the cryptocurrency. This comes after Strategy disclosed that it had sold another 1,637 BTC worth roughly $102.3 million as part of its treasury management strategy.
Despite this sale, Strategy remains the largest corporate Bitcoin holder, with 842,138 BTC valued at approximately $52.65 billion. Giustra's criticism stems from a previous debate he had with Saylor in 2021, where Giustra argued that Bitcoin was not performing well compared to gold.
Saylor responded by saying that the sale was designed to strengthen Strategy's balance sheet. However, Peter Schiff, a longtime critic of Bitcoin, has weighed in on Strategy's latest move, arguing that their recent capital management decisions are becoming increasingly burdensome for shareholders.