Schiff Blasts Bitcoin Rally, Citing Self-Serving Comments from Saylor

Bitcoin critic Peter Schiff has questioned the factors behind the cryptocurrency's recent advance. According to Schiff, Bitcoin's rally is attributed to Strategy's latest purchase of 950 BTC for $75.7 million and comments from Michael Saylor on the CLARITY Act.

Schiff pointed out that Strategy purchased 950 BTC at an average price of $79,670 per coin between September 14 and 20, bringing its total Bitcoin holdings to 846,000 BTC acquired for $63.80 billion at an average cost of $75,416 per BTC.

Saylor had stated that the failure to pass the CLARITY Act is actually bullish for Bitcoin, which Schiff dismissed as 'self-serving' and noted that Saylor would have made the same statement if the Act had been passed into law.