Renowned economist Peter Schiff has compared Michael Saylor’s MicroStrategy with gold mining companies. This comes amid a surge in the MSTR stock, which is on course for its highest close since March 2020.
Peter Schiff Compares MicroStrategy To Gold Stocks As MSTR Price Surges
Schiff compared MicroStrategy to gold mining companies, noting that the software company “earns nothing and practically produces nothing” but is still worth more than every gold mining company except Newmont.
The economist asked his followers if they think MSTR’s market cap will surpass Newmont’s NEM. MarketWatch data shows that the MSTR price currently has a market cap of $43.34 billion, while the NEM price has a market cap of $55.12 billion.
However, Peter Schiff, a gold proponent, believes that the MSTR stock is the most overvalued in the Morgan Stanley Capital International (MSCI) World Index and has even predicted a price crash.
However, despite his reservations, MicroStrategy’s stock continues to reach new highs. The stock is currently up over 6% today and is on course for its highest close since March 2020, when it hit an all-time high (ATH) closing price of $313. Today’s MSTR price surge is believed to correlate to the Bitcoin price surge, with the flagship crypto reclaiming $69,000. Meanwhile, it is worth mentioning that MicroStrategy’s stock is up over 293% since the start of the year, outperforming even Bitcoin.
Michael Saylor Highlights The Stock’s Performance
MicroStrategy co-founder Michael Saylor recently highlighted how well the MSTR stock has performed over the last four years. In an X post, Saylor shared data showing that his company’s stock has enjoyed more annualized returns than Bitcoin, the Magnificent Seven stocks, the S&P 500, and even Gold during this period.
The company’s stock has enjoyed an annual return of 101% over four years since the software company adopted its Bitcoin strategy. The stock is believed to have outperformed the rest of the global market because of its exposure to the flagship crypto.
MicroStrategy currently holds 252,220 BTC on its balance sheet, with its bitcoin holdings accounting for 1.2% of the crypto’s total supply. In his post, Saylor acknowledged Bitcoin contributed to MicroStrategy’s stock achieving this feat.
Meanwhile, Saylor has promised that MicroStrategy has no plans to sell its BTC holdings. Interestingly, he told Bitcoin skeptics that MSTR was the “perfect instrument” to short if they really hated the crypto asset.
The post Peter Schiff Compares MicroStrategy To Gold Stocks As MSTR Hits New Highs appeared first on CoinGape.
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