The world of cryptocurrency continues to spark heated debates, and Peter Schiff, a well-known advocate for gold, has recently intensified this discourse. Schiff labeled the Bitcoin-centric approach of Strategy Inc. as “deceptive” and has proposed a public debate with Michael Saylor during the upcoming Binance Blockchain Week in Dubai this December.
He emphasized that the financial underpinnings of the company are precariously linked to Bitcoin’s fluctuations and expressed concern that a downturn in market sentiment could lead to substantial failures.
Schiff’s Main Accusation
Schiff argues that the inflated reported earnings of Strategy Inc. are not genuine gains, but rather paper profits. He is particularly critical of the company’s financing strategies.
He bluntly remarked, “This entire enterprise is questionable at best. Regardless of Bitcoin’s trajectory, MSTR is gearing up for financial turmoil.”
This whole project is built on shaky ground. With both Saylor and myself scheduled to speak at the Binance Blockchain Week in Dubai, I invite @saylor to publicly debate this assertion with me. I foresee challenges ahead for MSTR’s future. Let’s make it happen!
— Peter Schiff (@PeterSchiff) November 16, 2025
He referenced the company’s recent financial report — showcasing a net income of $2.8 billion with earnings per share at $8.42 — claiming these profits stem from fluctuating Bitcoin valuations rather than from consistent operational success.
Schiff further pointed out that the so-called high-yield preferred shares may ultimately fail to deliver expected returns, prompting potential large-scale sell-offs among investors.
According to Strategy’s disclosures, they held approximately 640,808 BTC by the end of October, accumulating a total cost near $47.44 billion and estimating a cost per Bitcoin at around $74,032.
MSTR is banking on income-producing funds buying their “high-yield” shares. Yet, the advertised yields are unlikely to be realized. Once fund managers recognize this, a sell-off could ensue, leading to irreparable damage for MSTR.
— Peter Schiff (@PeterSchiff) November 16, 2025
The firm also stated a 26% BTC yield for the current year, with nearly $13 billion realized in Bitcoin profits during 2025, illustrating how robust accounting figures can emerge despite the company’s core operations yielding limited revenue.
Interest in the Upcoming Debate
Schiff’s challenge coincides with Saylor’s scheduled appearances at the Dubai event, hinting at a dramatic potential clash.
Observers of the market anticipate that such a debate could capture the attention of investors, regulators, and corporations deliberating on Bitcoin investments.
While some experts see a risky yet attractive opportunity for investors to engage with Bitcoin through a publicly traded company, others align with Schiff’s perspective, cautioning that the methods of accounting and financing used may leave shareholders vulnerable to unexpected market changes.
As of now, Saylor and Strategy Inc. have yet to confirm their participation in the proposed debate.
Image sourced from Unsplash, data visual from TradingView
