Peter Schiff Renews Attack on Strategy's Six-Year Bitcoin Accumulation, Citing $75,500 Cost Basis
Key Takeaways
- •Peter Schiff publicly attacked Strategy's Bitcoin accumulation program in a Saturday post, claiming that six years of buying have not delivered the returns Michael Saylor once promised investors.
- •Schiff based his critique on Strategy's average cost basis of approximately $75,500 per Bitcoin, treating it as the measure of the program's success.
- •Strategy, the Virginia-based software company formerly known as MicroStrategy, started purchasing Bitcoin in August 2020 and now holds more of the asset than any other corporation.
- •The company rebranded as Strategy in early 2025 and has financed its Bitcoin accumulation largely through equity and convertible debt offerings on the Nasdaq under the ticker MSTR.
- •Schiff, who chairs SchiffGold, has promoted gold as a superior store of value for over a decade and has publicly debated Saylor, who describes Bitcoin as digital gold.
Peter Schiff has reopened his long-running attack on Strategy's Bitcoin (BTC) accumulation program, arguing that six years of near-continuous buying have yet to deliver the returns that Michael Saylor once promised.
In a post published earlier on Saturday, the longtime gold advocate and Bitcoin critic sarcastically congratulated the company, with his commentary homing in on Strategy's average cost basis of approximately $75,500 per Bitcoin. That figure — the average price paid per coin across every purchase in the program — is the benchmark Schiff is using to judge the buying streak's performance.
A Six-Year Buying Spree Under Scrutiny
Strategy — the Virginia-based enterprise software company formerly known as MicroStrategy — began purchasing Bitcoin in August 2020 under Saylor, its co-founder and executive chairman, and has since grown into the largest corporate holder of the asset. The firm, which trades on the Nasdaq under the ticker MSTR, rebranded as Strategy in early 2025 to underscore its Bitcoin-focused identity and has financed much of its accumulation through equity and convertible debt offerings, raising capital by issuing new shares and bonds that can later convert into stock.
Schiff, who chairs precious-metals dealer SchiffGold, has spent more than a decade as an outspoken Bitcoin skeptic while promoting gold as a superior store of value, and has repeatedly questioned the wisdom of corporate Bitcoin treasuries. He and Saylor have publicly debated the merits of Bitcoin versus gold on multiple occasions, with Saylor long characterizing Bitcoin as "digital gold."
Schiff's latest remarks extend that long-standing critique to Strategy's own ledger, contending that the six-year buying streak has fallen short of the returns Saylor once promised investors. The exchange touches on a question that has framed the Bitcoin-versus-gold debate for years: whether a company's balance sheet is better anchored in Bitcoin or in traditional stores of value.
This content was first published on COINOTAG: https://en.coinotag.com/peter-schiff-strategy-bitcoin-btc-75500-cost-basis
