Bitcoin’s recent price downturn has reignited the debate between Peter Schiff and Michael Saylor, two prominent figures in the crypto world. As Bitcoin fell below key support levels, Schiff renewed his criticism of Strategy’s high-leverage Bitcoin strategy, warning that the company’s aggressive approach could create long-term challenges. Meanwhile, Saylor remained unfazed, publicly announcing that his firm has continued buying Bitcoin every day this week.
Schiff highlighted Strategy’s substantial decline from its November 2024 peak, noting a nearly 64% drop. He points out that while the company’s paper gain is only 27%, it masks significant leverage and potential long-term consequences from preferred stock dividends. Schiff argues that Bitcoin’s lack of intrinsic value makes it vulnerable to market swings and underscores his stance that Bitcoin is not a true