Renowned economist Peter Schiff questioned the soaring market capitalization of Bitcoin (CRYPTO: BTC) proxy company MicroStrategy Inc. (NASDAQ:MSTR) compared to gold mining companies.
What Happened: In a recent X post, Schiff pointed out that MicroStrategy, despite not earning or producing much, has a market valuation exceeding all gold mining companies except for Newmont Corporation (NYSE:NEM), the largest in the sector.
Schiff even initiated an X poll, asking his followers if MicroStrategy’s market cap will eventually surpass Newmont’s. As things turned out, more than 83% voted in favor of such an outcome.
Full story available on Benzinga.com