MicroStrategy and BlackRock May Sell $36 Billion Worth of Bitcoin, Peter Schiff Believes
Yesterday, MicroStrategy revealed that they purchased an additional 169 BTC in the past month. Currently, MicroStrategy and BlackRock's ETF, IBIT, collectively own around 569,000 BTC, equivalent to $36 billion.
MicroStrategy currently holds 226,500 BTC, valued at $15.06 billion, while the IBIT ETF has 343,387.46 BTC, worth $21.7 billion.
Renowned crypto skeptic Peter Schiff voiced concerns about the sizeable Bitcoin portfolio held by these two market giants. Schiff suggested that there is a possibility that these companies may have to sell off their BTC holdings.
Schiff warned that MicroStrategy could face pressure from creditors, potentially leading to the sale of their crypto assets. Similarly, BlackRock's IBIT ETF might be forced to sell Bitcoin if investors decide to cut their losses.
The repercussions of such massive sell-offs were evident in Germany, where a $3 billion stake sale caused a 20% price drop within a month. The impact of BlackRock and MicroStrategy selling their Bitcoin holdings, which are 12 times larger than Germany's, remains uncertain.
In conclusion, the potential sale of $36 billion worth of Bitcoin by these major players could have significant implications for the market. Investors should stay informed and monitor the situation closely to make informed decisions about their finances and investments.
