In a surprising shift, longtime Bitcoin critic Peter Schiff has acknowledged an unexpected use case for the cryptocurrency—albeit with a touch of irony.
In a tweet posted on May 14, Schiff referenced Jim Chanos, the famed short-seller, who reportedly bought Bitcoin to hedge his short position in MicroStrategy ($MSTR), a company known for its massive BTC holdings led by Michael Saylor.
“So @Saylor has ironically created a use case for Bitcoin,” Schiff wrote, “just not the use case he had in mind.”
While Schiff continues to question Bitcoin’s broader utility, his comment reflects a growing recognition—even among skeptics—that BTC is increasingly being woven into diverse financial strategies, including as a hedge against certain equities.
The tweet also underscores the complex, sometimes paradoxical ways institutional players are now interacting with digital assets.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/peter-schiff-acknowledges-unexpected-use-case-for-bitcoin/