Schiff Slams Strategy as "Fraud", Dares Saylor to Debate

Peter Schiff Slams Strategy’s Model as "Fraud", Dares Michael Saylor to Debate

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 17, 2025

Key Takeaways

Peter Schiff accused Strategy of running a fraudulent business model and challenged founder Michael Saylor to a public debate;
Schiff warned that Strategy’s "high-yield" shares will not deliver promised returns, which risks a "death spiral" if investors sell off;
His criticism came as Bitcoin fell below $99,000, gold rose past $4,000, and Strategy’s mNAV recovered slightly to 1.21.

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Peter Schiff has accused Strategy, the world’s largest Bitcoin BTC $94,407.06 treasury company, of running a fraudulent business model.

He also invited the firm’s founder, Michael Saylor, to a public debate.

Schiff, known for his opposition to cryptocurrencies and support for gold, proposed holding the discussion during Binance $12.43B Blockchain Week in Dubai, United Arab Emirates, this December.

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In a separate post on X on November 16, Schiff also stated:

MSTR’s business model relies on income-oriented funds buying its ‘high-yield’ preferred shares. But those published yields will never actually be paid. Once fund managers realize this, they’ll dump the preferreds.

He added that if investors begin selling off these preferred shares, Strategy could struggle to issue new debt, which would lead to what he called a "death spiral".

Schiff’s comments came as Bitcoin prices dropped below $99,000, while gold climbed above $4,000.

According to Strategy, its multiple on net asset value (mNAV), which compares the company’s share price to the value of its Bitcoin holdings, fell below 1 in November. It has since recovered slightly to around 1.21.

However, many investors consider an mNAV of 2 or more to reflect a healthy position for a treasury company.

Willy Woo recently shared his view that Strategy is not at risk of selling its Bitcoin holdings during the next major market downturn. How? Read the full story.