Bitcoin Updates: Gold Advocate Questions Bitcoin's Future in Intense Debate

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Bitcoin Updates: Gold Advocate Questions Bitcoin's Future in Intense Debate

Bitget-RWA2025/11/17 16:48

By:Bitget-RWA

- Peter Schiff challenges Michael Saylor's MSTR , accusing it of a fraudulent Bitcoin-focused business model and proposing a live debate during Binance Blockchain Week. - Schiff criticizes MSTR's reliance on high-yield preferred shares, warning of a "death spiral" as investors abandon unguaranteed dividends and debt access dwindles. - Bitcoin's recent price drop below $99,000 and MSTR's 50% stock decline since July highlight market skepticism, while gold outperforms at $4,085 per ounce. - Saylor defends MS

Peter Schiff, a well-known opponent of

Bitcoin

and a strong supporter of gold, has intensified his ongoing dispute with Michael Saylor's

Strategy

(MSTR), alleging that the Bitcoin-centric company is running a deceptive business model. The gold proponent

invited Saylor to a public debate

at Binance Blockchain Week in Dubai this December, presenting the event as a crucial opportunity to challenge the sustainability of MSTR’s strategy.

Schiff’s main argument targets MSTR’s dependence on “high-yield” preferred shares, which he claims will never provide the returns that have been promised. “Once fund managers catch on, they’ll offload the preferreds,” Schiff posted on X,

cautioning that this might set off a “death spiral”

if the company can no longer issue new debt. According to him, the business model relies on income-focused funds buying these shares, but the high yields are not assured. He pointed out that dividends are optional and do not accumulate if unpaid,

leaving shareholders without any remedy

Bitcoin Updates: Gold Advocate Questions Bitcoin's Future in Intense Debate image 0

This debate invitation comes at a time when Bitcoin (BTC)

is under renewed pressure

. The digital currency recently slipped below $99,000, breaking a significant psychological barrier, and has dropped more than 20% from its October high above $125,000. Shares of Strategy have also tumbled, falling nearly 50% since July and trading near $199 in late November. The company’s multiple on net asset value (mNAV), which measures the stock price against the value of its Bitcoin assets,

fell below 1 in November

but has since recovered to 1.21—still regarded as low by industry observers.

Schiff’s arguments have gained momentum as the market landscape shifts. Gold, his preferred asset, has outperformed Bitcoin, trading above $4,085 per ounce and approaching its October peak of $4,380. This performance has strengthened his stance that Bitcoin’s fixed supply of 21 million coins is an unstable basis for value,

a point he has emphasized repeatedly

while encouraging investors to move from BTC to silver.

Saylor, on the other hand, has stood by MSTR’s approach. During an earnings call in August, he claimed the company could endure an 80% plunge in Bitcoin’s price without missing a dividend payment. He argued that their long-term accumulation strategy has resulted in a low average purchase price. Nonetheless, critics have

compared MSTR’s ongoing capital raising

to a Ponzi scheme, suggesting that new investments are used to pay off previous obligations.

Bitcoin’s recent price swings have only heightened scrutiny of the company.

On November 13, MSTR’s market value

temporarily dipped below the worth of its Bitcoin reserves, sparking fears of forced asset liquidations. At the same time, Schiff has also invited Binance founder Changpeng Zhao to debate whether tokenized gold or Bitcoin is better suited as money,

further fueling

the ongoing rivalry between gold and cryptocurrencies.

As the discussion about MSTR’s future continues, investors are paying close attention. Whether Saylor can maintain the company’s momentum during crypto downturns—and whether Schiff can prove gold’s superiority as a store of value—will likely influence the narrative in the months ahead.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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