Economists argue that Bitcoin will push micro-strategy into bankruptcy.

On Monday, the price of gold rose to an unprecedented level, attracting the attention of global investors. In the middle of this scene, he criticized Peter Schiff, Mark Cuban, and Michael Saylor, who is an advocate of solid gold, for their preference for Bitcoin over the traditional safe haven of gold.

Gold rose $33 on Monday, hitting a record $2,110 a troy ounce, according to data from SPDR Gold Trust GLD.

Peter Schiff declared war on Bitcoin advocates

Schiff pointed out that the media is valuing Bitcoin over gold, especially following her dismissal of Cuban gold as an investment.

Mark Cuban, an influential figure in the investment community, has spoken openly about his choice of Bitcoin. His stance, especially on a day when gold was in full swing, drew sharp criticism from Schiff.

“While gold is up $33 today, the highest price in US trading hours, I heard gold mentioned on CNBC when Mark Cuban said he's not buying anything. “He would choose Bitcoin over gold any day,” he boasted. This shark is swimming in the wrong tank,” said Peter Schiff.

Moreover, Cuba's investment strategy goes beyond Bitcoin. His portfolio, which is publicly traded by Arkham, includes a variety of altcoins, most notably the Artificial Liquid Intelligence (ALI) token, reflecting his belief in blockchain technologies beyond Bitcoin.

Schiff's criticism also extends to Michael Saylor and his firm MicroStrategy, which has been involved in aggressive bitcoin purchases. As MicroStrategy plans to sell $600 million in convertible senior notes, Schiff cautions against the speculative nature of buying bitcoin. It is argued that these strategies can cause huge losses and lead to bankruptcy of the company.

“Bitcoin will kill Saylor and sink micro-strategy,” said Schiff

Despite Schiff's warnings, Bitcoin's performance is noteworthy. The cryptocurrency has hit new all-time highs in a short period of time, indicating strong institutional interest and optimism about its future, especially with the expected Bitcoin halving.

MicroStrategy's Bitcoin Investment under Saylor's leadership shows a different narrative, with the company's undisclosed Bitcoin profits soaring to more than $6.7 billion, demonstrating the potential of digital currencies.

The ongoing debate between gold and Bitcoin enthusiasts reflects broader discussions in the investment world. However, Bitcoin's resilience and strategic successes like MicroStrategy point to reliance on digital assets as viable investment options.

Read more: Who will have the most Bitcoins in 2024?

“Institutional bullishness is strong, and Bitcoin's halving is 45 days away. Coupled with expectations of a mid-year Fed rate cut, Bitcoin is expected to find support but may face volatility to challenge historic highs in March. There is resistance at $69,000, below.” The available support is in the range of $48,000 to $52,000,” Yotsna Hirdiani, head of Bitgate South Asia, told BIncrypto.