Peter Schiff Acknowledges Unexpected Use Case for Bitcoin

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.

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The tweet also underscores the complex, sometimes paradoxical ways institutional players are now interacting with digital assets.

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