Peter Schiff’s Critique of Bitcoin and MicroStrategy
Peter Schiff, known for his skepticism towards Bitcoin and strong advocacy for gold, has once again expressed his disapproval of the cryptocurrency sphere, particularly targeting Strategy—previously called MicroStrategy. On October 31, he took to social media to question the legitimacy of the earnings report released by the firm, which is recognized as the largest holder of Bitcoin on a corporate scale.
Schiff claimed that the earnings presented by Strategy are not reflective of real business success but rather inflated by the recent surge in Bitcoin’s price. He characterized the 2025 projections of the company as heavily reliant on the assumption that Bitcoin will continue to appreciate, labeling the entire earnings report as misleading.
Market Reactions and Ongoing Debates
His comments came on the heels of a nearly 7% increase in the stock price of MicroStrategy, a move that many analysts interpreted as an indication of strong quarterly earnings and optimistic future predictions from the firm. However, Schiff remains adamant in his belief that these figures do not accurately represent genuine profitability, alleging that the firm is disguising speculative profits as actual earnings.
His ongoing critiques have revived debates within both the cryptocurrency community and traditional finance sectors, with many supporters of Bitcoin pushing back against his claims.
Criticism from the Crypto Community
Critics in the crypto community highlighted that MicroStrategy no longer positions itself strictly as a software company. Instead, they argue it functions more like a publicly traded investment vehicle for Bitcoin, akin to an ETF, which is reflected in its market valuation.
In addition, some commentators pointed out the apparent inconsistency in Schiff’s stance; while he denounces the rise in Bitcoin’s value as “fraudulent”, he simultaneously celebrates increases in gold’s price. This contradiction, they argue, undermines his credibility and indicates a misunderstanding of the evolving financial landscape where Bitcoin is increasingly viewed as a reserve asset rather than merely a speculative commodity.
