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Prominent Bitcoin critic Peter Schiff explores Semler’s stock rally after BTC acquisition
As part of its new approach to treasury, Semler Scientific recently acquired Bitcoin worth $40 million. Semler (SMLR) stock rose 25% on Tuesday, May 28 following the announcement of this acquisition.
This dramatic recovery in the stock price caught the attention of Peter Schiff, a prominent Bitcoin critic. Schiff indirectly mocked Semler’s move, sarcastically advising other US companies to join the Bitcoin bandwagon to boost their stock prices.
Peter Schiff Lashes Out at Bitcoin Buying Firms After Selmer’s BTC Purchase and Stock Surge
Following Semler Scientific’s disclosure, SMLR’s share price rose 25%, closing the day at $29. SMLR maintained its upward momentum, accumulating an additional 10% in aftermarket hours.
However, prominent Bitcoin critic Peter Schiff taken to social media to criticize companies like Semler who buy BTC. He argued that such companies only seek to increase their popularity by acquiring Bitcoin into their coffers.
Furthermore, Schiff sarcastically painted a bold scenario in which all US public companies would liquidate their assets and invest the proceeds in Bitcoin. According to Schiff, if such a scenario occurred, the price of Bitcoin would rise to millions of dollars.
He noticed that as this move increases BTC price, will also increase the market capitalization of US stocks, theoretically making investors rich. The critic suggested that such scenarios trigger inflation in the country in the long run.
In contrast, Pierre, one of Schiff’s followers, reacted to his statements, pointing to Schiff’s overbearing opposition to Bitcoin.
Pierre declared:
“We may be rich, but only you are not.”
However, Schiff contrasted his follower’s statement, citing his elaborate investments. He emphasized that he has a huge monetary investment in US oil stocks. So, he believes that his investment has put him among the rich in such a situation.
Schiff said:
“No, I have a lot of money in US oil stocks. Such stocks will rise sharply after they liquidate their trades and load up on Bitcoin. So I will become rich too.”
Schiff is also a firm believer in commodities. In one of his tweets, he mentioned that Gold and Silver will soon enter their bull season. Schiff predicted that these commodities would soon enter a parabolic phase.
Growing attention towards companies with exposure to BTC
Most Wall Street investors have indicated growing interest in companies with BTC exposures. Semler’s stock rally following the company’s acquisition is a demonstration of that attraction.
Furthermore, MicroStrategy, the largest corporate BTC holder in the world, is another example of such attention. The company has seen numerous returns since 2023, often outperforming Bitcoin.
Additionally, Metaplanet, a publicly traded Japanese company, disclosed his plans to increase his BTC holdings. According to the company’s board of directors, they will acquire an additional 250 million yen ($1.59 million) in Bitcoin.
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