U.Today – Yesterday, MicroStrategy announced the purchase of an additional 169 BTC over the past month. Now, according to the latest data, MicroStrategy and BlackRock's (NYSE:) IBIT ETF together hold approximately 569,000 BTC, which is worth about $36 billion.
As of today, MicroStrategy holds 226,500 BTC, which is worth about $15.06 billion. In comparison, the IBIT ETF holds 343,387.46 BTC, which is worth about $21.7 billion.
Peter Schiff, a well-known crypto skeptic, shared his thoughts on such a large Bitcoin (BTC) portfolio by the two market giants. Schiff suggests that companies may have to sell their BTC holdings.
And if?
The new post suggests that MicroStrategy may be under pressure from creditors, who could force the company to sell its crypto assets. Schiff says that BlackRock's IBIT ETF could be forced to sell Bitcoin if its investors decide to exit it to cut their losses.
However, according to Schiff, these losses are inevitable, as BTC has no value, according to the expert.
What happens in the market when someone decides to sell a large stake was seen a few weeks ago in the example of Germany: by selling a stake worth 3 billion dollars, one of the country's administrative bodies managed to reduce the price by 20% in one month.
It is not known what will happen if Schiff's prediction turns out to be true and BlackRock and MicroStrategy decide to sell their Bitcoin holdings, which are 12 times larger than Germany's.
This article was originally published on U.Today
