Peter Schiff Examines Semler Stock Rise After Bitcoin Purchase
On Tuesday, May 28, healthcare company Semler Scientific (NASDAQ:SMLR) announced that it purchased $40 million worth of Bitcoin as part of its treasury strategy. This announcement caused Semler (SMLR) stock price to rise more than 25%, closing Tuesday’s trading session at $29.00. In aftermarket hours, SMLR shares saw an additional 10% rise.
Peter Schiff Reviews Companies Buying Bitcoin Liek Semler
Bitcoin critic Peter Schiff cited companies trying to increase exposure to Bitcoin as part of their treasuries. Prominent economist Peter Schiff put forward a provocative scenario on social media, suggesting that if all publicly traded US companies sold their assets, ceased operations and used the proceeds to buy Bitcoin, the value of each Bitcoin could skyrocket into the millions. Schiff argued that this move would cause the market value of US stocks to rise, theoretically making everyone richer.
One of his followers, Pierre, told Schiff, “We will be rich. But given Schiff’s anti-Bitcoin stance over the years, you won’t be the only one doing this.”
Digging deeper, Schiff stated that he has significant investments in US oil stocks and expressed his confidence that the value of these stocks will increase if companies liquidate their operations to invest in Bitcoin. “I’ll be rich, too,” Schiff said, emphasizing his optimism about the potential financial gains of such a move.
MicroStrategy, the world’s largest Bitcoin institutional owner, has consistently outperformed Bitcoin’s returns, delivering multiple returns since the beginning of 2023. This shows that Wall Street investors are much more interested in companies with exposure to BTC.
In addition to Semler Scientific, Japan’s publicly traded company Metaplanet also announced on Tuesday that it was increasing its exposure to Bitcoin. The company announced that its board of directors decided to purchase ¥250 million worth of Bitcoin as part of its latest strategic plan.
Ship Betting on Gold and Silver
Peter Schiff, who favors commodities, doubled down on Gold and Silver. He expects a parabolic rise in both metal commodities in the coming days.
Schiff noted that the iShares Silver Trust ETF (SLV) recently posted its highest close since January 2013. At that time, the price of gold was below $1,700, whereas it recently closed above $2,360, an increase of 40%. Despite this, the silver price remained horizontal. Schiff suggests that if silver closes this performance gap without any change in the price of gold, silver could rise above $45.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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