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The Sunday ritual of the crypto community—waiting for the “orange dot” from Michael Saylor—ended this week with an unexpected message from Strategy’s head of Strategy: “No buys this week.” For the first time in a long while, the company’s aggressive BTC accumulation engine paused.
The “dry week” was attributed to the technical state of Strategy’s financing instruments. The company’s approach relies on two main mechanisms, and both were described as failing to produce the needed output this week.
With the main lever—STRC—temporarily unavailable, the pause created an opening for critics to question the structure of Strategy’s Bitcoin acquisition strategy.
The most prominent skepticism came from Peter Schiff, who labeled STRC “the most obvious Ponzi in history.” His argument centers on the idea that the strategy’s underlying math—betting that BTC will grow enough to cover dividend payouts at an 11.5% annual rate—amounts to gambling presented as corporate finance.
Strategy CEO Phong Le disputed the characterization, arguing that transparency is the key difference. He said there are no hidden gaps because the assets are held on-chain, and capital is raised from institutions that knowingly buy leveraged exposure to Bitcoin.
Schiff responded that even if the company is explicit about its approach, it does not change the underlying structure—stating that openly describing a pyramid does not make it less of a pyramid.
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