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But we saved everything 🙂.
Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Capital, draws comparisons between the London Whale incident, which cost JPMorgan $6.2 billion, and the current $10 billion paper loss recorded by Strategy on its Bitcoin trade.
Schiff suggests the loss sustained by Strategy could potentially surpass the historical trading loss set by JPMorgan once the trade is ultimately closed. He also points to Michael Saylor as likely to book the biggest losing trade in history if present trends continue.
Earlier this year, Peter Schiff argued that large-scale Bitcoin purchases by Strategy and other firms played a key role in driving up the cryptocurrency's price, rather than recent sales events, according to a previous commentary. Schiff has also tracked declines in Strategy-related assets, noting that STRC traded at 93.5, leaving early investors down 6.5% and raising the yield to 12.3% in a recent update. These observations have informed Schiff's ongoing analysis of Strategy's positioning in volatile markets.