Peter Schiff has issued a stark warning to billionaire investor Bill Ackman regarding his potential venture into Bitcoin, countering assertions made by MicroStrategy CEO Michael Saylor. In a recent exchange on social media, Ackman expressed his contemplation over investing in Bitcoin, citing concerns about its potential impact on energy prices and inflation. Saylor swiftly responded, encouraging Ackman to consider.
Schiff, known for his skepticism toward Bitcoin, cautioned Ackman against purchasing the cryptocurrency, drawing parallels to Ackman's previous misstep with Herbalife. Schiff highlighted the risks associated with investing in Bitcoin, suggesting that it could lead to a worse outcome than Ackman's shorting of Herbalife, which ultimately ended in substantial losses. Buying Bitcoin would likely have a far worse outcome for you than did shorting Herbalife