Peter Schiff, a prominent crypto critic, acknowledged an unexpected application of Bitcoin when referencing Jim Chanos, the renowned short-seller, who reportedly acquired Bitcoin to hedge his short position in MicroStrategy ($MSTR). As Microstrategy’s Michael Saylor has led the company’s massive BTC holdings, this move suggests a potential use case for Bitcoin beyond its traditional value proposition. Schiff acknowledged that while he questions Bitcoin’s broader utility, he highlighted how it is becoming an integral part of various financial strategies, including hedging against certain equities. This admission reflects the increasingly complex and often paradoxical dynamics of institutional investors engaging with digital assets. Coindoo reports this news.