Gold investor Peter Schiff has escalated his long dispute with the crypto sector as he targeted Strategy and its executive chairman, Michael Saylor. He accused the company of running a debt-fueled Bitcoin model that he called a fraud. He also challenged Saylor to a public debate during Binance Blockchain Week in Dubai this December.
Schiff argued that Strategy’s business relies on continuous debt issuance. He said the company uses income-oriented funds to sell high-yield preferred shares. He claimed these yields will never reach investors.
He added that Strategy cannot sustain new debt if market conditions tighten. He described the potential outcome as a death spiral tied to weakening demand. He also stated that dividends disappear if the company declines to declare them.
Schiff repeated earlier claims that Bitcoin’s price cannot hold its long-term value. He pointed to Strategy’s large accumulation of Bitcoin since 2020. He said the firm will struggle once a major downturn stretches into the next cycle.
Furthermore, he compared Bitcoin to silver and urged investors to shift their holdings. He often argued that Bitcoin’s 21 million cap carries no real meaning. Yet Bitcoin outpaced silver in July and climbed even higher in August.
Bitcoin dropped below $99,000 over the weekend. The decline extended a correction that erased more than 20% from early October’s record high. This downturn increased pressure on companies holding large Bitcoin positions.
Strategy faced intensified scrutiny as its mNAV fell below 1 in early November. The number later climbed to 1.19. Yet it remained far below the 2.0 level, which is viewed as healthy for a Bitcoin-focused treasury model.
The conditions revived debate around corporate Bitcoin risk. They also renewed questions about the financial durability of listed firms tied to digital-asset volatility. Could this correction reshape how corporate treasuries balance digital assets and traditional reserves?
During the same period, gold reclaimed levels above $4,000 per ounce. The metal recovered after dipping below the threshold earlier in the month. The rise strengthened Schiff’s argument that gold offers more stability than Bitcoin during uncertainty.
Schiff also invited Binance founder Changpeng Zhao to debate tokenized gold versus Bitcoin. Zhao responded that he was open to the idea. The discussions added fuel to public conversations surrounding digital stores of value.
Meanwhile, Saylor hinted that Strategy is preparing another Bitcoin purchase. He often buys market dips through debt and equity offerings. This pattern earned approval from Bitcoin supporters.
Yet analysts continued to watch Strategy’s leverage levels as markets shifted. Rising volatility and broader macro concerns shaped the outlook for large Bitcoin treasuries. Still, Saylor maintained that Bitcoin remains the future of value in prior statements.
Schiff’s challenge signaled a new flashpoint in a rivalry that has intensified for years. The debate now sits at the center of a market struggling with rapid swings and widening uncertainty.
Read More: Gold Hits $4,000 as Bitcoin Plummets; Schiff Warns of Investor Shift to Safe Havens
Peter Schiff’s renewed criticism of Strategy and Michael Saylor surfaced as Bitcoin faced sharp market pressure and gold gained strength. His challenges revived questions about leveraged Bitcoin treasuries while Saylor signaled continued accumulation. Investors now watch both assets closely as volatility shapes corporate decisions and public debate.