- Semler Scientific’s recent Bitcoin purchase has sparked significant market interest.
- Peter Schiff criticizes the trend of companies increasing Bitcoin holdings.
- Schiff predicts a substantial rise in Gold and Silver prices soon.
Discover the latest developments in the crypto market as Semler Scientific’s Bitcoin purchase ignites debate and speculation.
Semler Scientific’s Bold Bitcoin Move
On Tuesday, May 28, healthcare firm Semler Scientific (NASDAQ: SMLR) announced its purchase of $40 million worth of Bitcoin as part of its treasury strategy. This announcement caused the Semler (SMLR) stock price to surge by over 25%, closing Tuesday’s trading at $29.0. The momentum continued in aftermarket hours, with an additional 10% increase.
Peter Schiff’s Critique of Bitcoin-Buying Companies
Renowned Bitcoin critic Peter Schiff took to social media to mock companies like Semler that are increasing their Bitcoin exposure. Schiff provocatively suggested that if all publicly traded U.S. companies liquidated their assets and invested the proceeds in Bitcoin, the value of each Bitcoin could skyrocket to millions. He argued that such a move would inflate the market capitalization of U.S. stocks, theoretically enriching everyone.
One of Schiff’s followers, Pierre, responded by saying, “We will be rich. But only you won’t,” highlighting Schiff’s long-standing anti-Bitcoin stance. Schiff further remarked that he has significant investments in U.S. oil stocks and expressed confidence that these stocks would surge in value if the companies liquidated their operations to invest in Bitcoin. “I will be rich too,” Schiff added, emphasizing his belief in the potential financial gains from such a strategy.
MicroStrategy, the world’s largest corporate holder of Bitcoin, has seen multi-fold returns since the beginning of 2023, consistently outperforming Bitcoin’s returns. This trend indicates that Wall Street investors are increasingly interested in companies with Bitcoin exposure.
In addition to Semler Scientific, Japan’s public-listed firm Metaplanet also announced on Tuesday that it would increase its Bitcoin holdings. The company’s board resolved to purchase ¥250 million worth of Bitcoin as part of its strategic plan.
Schiff Bets on Gold and Silver
Peter Schiff, a staunch advocate of commodities, reiterated his bullish stance on Gold and Silver. He predicts a parabolic rally in these metal commodities in the coming days. Schiff noted that the iShares Silver Trust ETF (SLV) recently achieved its highest close since January 2013. At that time, gold was priced below $1,700, whereas it recently closed above $2,360, reflecting a 40% increase. Despite this, silver’s price has remained flat. Schiff suggests that if silver closes this performance gap without any change in gold’s price, silver could rise above $45.
Conclusion
Semler Scientific’s significant Bitcoin purchase has reignited discussions about the role of cryptocurrencies in corporate treasury strategies. While critics like Peter Schiff remain skeptical, the market’s reaction suggests a growing acceptance and interest in Bitcoin among institutional investors. As the debate continues, the financial world will be closely watching the performance of both Bitcoin and traditional commodities like Gold and Silver.
