Peter Schiff criticized a selfie of Tom Lee and Michael Saylor as “partners in crime,” framing his objections around institutional Ethereum and Bitcoin accumulation. The exchange spotlights tension between Bitcoin skeptics and supporters after BitMine and MicroStrategy disclosed large ETH and BTC holdings.
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Schiff labels Lee and Saylor “partners in crime”
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BitMine reported receiving 46,255 ETH from BitGo, bringing its total to 2,126,018 ETH (~$9.24B).
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MicroStrategy holds 638,460 BTC (~$73.55B) with an average buy-in near $73,880; MSTR diluted market cap ~ $105B.
Peter Schiff Bitcoin criticism: Schiff slams Tom Lee and Michael Saylor after major ETH and BTC accumulations; read COINOTAG’s concise analysis and implications.
Published: 2025-09-12 • Updated: 2025-09-12 • Author: COINOTAG
What sparked Peter Schiff’s criticism of Tom Lee and Michael Saylor?
Peter Schiff Bitcoin criticism intensified after Fundstrat’s Tom Lee posted a selfie with Michael Saylor captioned “Bitcoin and Ethereum are friends,” a post Schiff dismissed as “partners in crime.” The comment followed reports that BitMine received 46,255 ETH from BitGo and that MicroStrategy continues to amass substantial BTC holdings.
How large are the reported BTC and ETH holdings involved?
BitMine’s inbound transfer of 46,255 ETH from BitGo raises its reported total to 2,126,018 ETH, approximately $9.24 billion at reported valuations.
MicroStrategy’s Strategy reportedly holds 638,460 BTC, roughly $73.55 billion at current market prices, with an average purchase price near $73,880 per BTC. MSTR’s diluted market capitalization is cited at about $105 billion. These figures underline why institutional moves drew public commentary.
Why did Schiff’s comment attract attention?
Schiff’s remark resonates because it targets two public figures linked to the largest crypto assets. Michael Saylor represents a corporate strategy of holding Bitcoin on corporate balance sheets. Tom Lee recently expanded his public focus to include Ethereum, creating friction with Bitcoin purists. That combination—two prominent advocates of different approaches—created a high-visibility moment for debate.
What are the broader market implications?
Institutional accumulation at scale can influence market sentiment and capital flows. Reported totals—2,126,018 ETH for BitMine and 638,460 BTC for MicroStrategy—signal significant institutional allocation to crypto. Market observers may interpret these moves as endorsement of long-term asset allocation strategies, while critics like Schiff frame them as risky or misaligned with traditional finance.
Frequently Asked Questions
Did Peter Schiff reference any transactions or numbers in his critique?
No numerical claims were made in Schiff’s social comment; his remark focused on the symbolism of the selfie and his longstanding skepticism toward crypto. Reported transaction figures come from BitMine and MicroStrategy statements and related reporting.
How does MicroStrategy’s BTC position compare to institutional ETH holdings?
MicroStrategy’s 638,460 BTC position (≈ $73.55B) represents one of the largest corporate Bitcoin allocations. BitMine’s reported 2,126,018 ETH (≈ $9.24B) demonstrates sizable institutional ETH exposure but remains smaller in dollar terms compared to MicroStrategy’s BTC stake.
Who reported the ETH transfer and BTC holdings?
The ETH transfer was reported in connection with BitMine and BitGo as transaction counterparties. MicroStrategy’s BTC holdings are reported via company disclosures. These names are cited as plain text sources for context; no external links are provided.
How did the controversy escalate?
Below are the sequential steps that describe how the exchange reached public attention.
- Public selfie posted: Tom Lee posted a selfie with Michael Saylor captioned positively about Bitcoin and Ethereum.
- Schiff commented: Peter Schiff replied publicly, labeling the figures “partners in crime.”
- Contextual reporting: Reports of large transfers—BitMine receiving 46,255 ETH from BitGo and MicroStrategy’s BTC disclosures—added factual weight to the discussion.
- Market attention: The juxtaposition of institutional ETH and BTC holdings prompted analyst commentary and broader community debate.
Key Takeaways
- Public exchange: A selfie and a short comment triggered debate between crypto advocates and skeptics.
- Institutional moves matter: BitMine’s 46,255 ETH transfer and MicroStrategy’s 638,460 BTC underscore significant institutional exposure.
- Context over speculation: Reporting relies on company disclosures and transaction records; commentary remains subjective.
Conclusion
Peter Schiff’s criticism of Tom Lee and Michael Saylor underscores ongoing friction between Bitcoin skeptics and institutional crypto proponents. The episode gained traction because it coincided with substantial reported holdings by BitMine and MicroStrategy, reinforcing the practical significance of institutional allocation decisions. For continued coverage and analysis, follow COINOTAG updates.
