Economist Peter Schiff linked Bitcoin’s (CRYPTO: BTC) latest spike to Strategy Inc.’s (NASDAQ: MSTR) acquisition and Michael Saylor’s “self-serving” commentary.

Schiff Weighs in on BTC Rally

Bitcoin reached an intraday high of $87,363 on Monday, its highest since late January, and is up nearly 18% over the week.

Schiff attributed the rally to Strategy’s purchase of 950 BTC for $75.7 million, which ended a nearly month-long buying pause.

Schiff Jabs Saylor

Schiff described Saylor’s remarks that the CLARITY Act’s failure marked a positive turning point for Bitcoin as "self-serving," which ended up being another catalyst for the rally.

“I’m sure he’d [Michael Saylor] have said the same thing had the Act been passed into law,” the longtime Bitcoin critic took a dig.

Schiff also slammed the company’s decision to sell Bitcoin at lower prices and later acquire it at higher prices.

“It won’t be long before he’s selling at lower prices again,” the economist predicted.

Strategy didn’t return Benzinga’s request for comment.

Read Also: Bitcoin Just Hit a Seven-Month High. The Analyst Calling the Bottom Expects a Pullback

Strategy’s Impressive Rebound

Strategy has flipped from a $10 billion unrealized loss to $8 billion unrealized profit in recent weeks, aided by Bitcoin’s rapid climb. MSTR was also the Nasdaq-100’s top performer over the past month, surging 48%.

As of this writing, Strategy holds 845,050 BTC, worth $73.34 billion, making it the world’s largest corporate buyer of the apex cryptocurrency.

Strategy CEO Phong Le previously defended the firm’s practice of selling Bitcoin low and buying it high, adding that the company does not base its decisions specifically on the price of Bitcoin.

Price Action: As of this writing, BTC is up 0.80% in the last 24 hours to $86,475, according to Benzinga Pro. 

Strategy shares rose 0.37% in after-hours trading. The stock closed 0.69% lower at $167.33 during Tuesday’s regular trading session.

According to Benzinga’s Edge Stock Rankings, MSTR displays a stronger price trend in the short and medium term, but trails over the long term.

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