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Prominent gold advocate and cryptocurrency critic Peter Schiff has renewed his criticism of MicroStrategy executive chairman Michael Saylor, arguing that Saylor’s most ambitious Bitcoin forecast is mathematically unlikely to play out.
Schiff targeted Saylor’s 2025 prediction that Bitcoin could reach $1 million per coin if MicroStrategy were able to accumulate 5% of the total circulating supply. Schiff said MicroStrategy currently holds 3.9% of all Bitcoin, but argued that the “law of diminishing returns” is already reducing the firm’s incremental buying power and market influence.
“If buying the next 231,666 BTC has the same impact on Bitcoin's price as buying the last 231,666, Bitcoin will be below $60,000 when MSTR finally hits 5%,” Schiff said on X.
Schiff also argued that the structure of MicroStrategy’s financing makes the path to higher Bitcoin prices more difficult. He pointed to MicroStrategy’s earlier fundraising and debt terms, saying that in February 2021 Saylor raised money to buy Bitcoin by issuing 0% convertible senior notes, which Schiff said allowed investors to participate in Bitcoin’s upside through ownership of MSTR.
Schiff said that investors later demanded a different arrangement, adding that Saylor is now “forced to pay 11.5%,” because investors “don’t want Bitcoin’s limited upside” and instead “just want the yield.”
Schiff further described what he called a “yield debt trap,” warning that MicroStrategy is entering a dangerous financial “death spiral” due to reliance on high-yield preferred shares. He pushed back on the bullish view that Bitcoin only needs to rise by 2% annually to cover the cost of the yield, saying that this assumption depends on the company stopping new debt issuance.
“But Saylor is actually increasing issuance,” Schiff warned. “The more STRC MSTR sells, the more BTC must rise to cover the yield.”
Despite Schiff’s warnings, MicroStrategy continued accumulating Bitcoin. The company acquired an additional 3,273 BTC for approximately $255 million, with the latest purchasing price reported at $77,906.
After the latest purchase, MicroStrategy’s total holdings were reported at 818,334 BTC.
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