Economist Peter Schiff has renewed his criticism of corporate strategies related to Bitcoin. This time, his focus is on Strategy, a software company best known for aggressive Bitcoin accumulation under executive chairman Michael Saylor.
Strategies is not included in the S&P 500 index, but if it were, it would be down 47.5% in 2025, making it the sixth worst-performing stock in the index. @Saylor argues that the best thing a company can do is buy Bitcoin. Well, that’s basically all $MSTR did, this strategy destroyed shareholder value.
— Peter Schiff (@PeterSchiff) December 31, 2025
In a post on However, Strategy is not actually included in the benchmark. Peter Schiff said the comparison highlights the cost of tying almost all of a company’s assets to Bitcoin.
Schiff aims for corporate strategy that emphasizes Bitcoin
Schiff said Strategy’s loss undermines Saylor’s long-standing argument that buying Bitcoin is the best bet for companies. He argued that Strategy has virtually centered its entire corporate identity around its exposure to Bitcoin. At the expense of shareholder value.
Schiff said the precipitous decline in Strategy’s stock price during 2025 shows how risky that approach can be in an economic downturn. He cast the year as proof that Bitcoin-driven strategies are not protecting investors. If prices fall and leverage is applied, losses are magnified. Schiff is a Bitcoin skeptic and gold advocate who has often criticized companies that treat Bitcoin as a Treasury reserve asset. His latest comments fit into a broader narrative.
Background from market backlash and critics
However, Schiff’s comments quickly sparked a backlash across crypto and stock markets. Analysts said comparing the strategy to traditional S&P 500 companies could be misleading. Supporters argue that Strategy acts more like a leveraged Bitcoin agency than a software company. From that perspective, the company’s stock price performance primarily reflects Bitcoin price trends. It is not an operational indicator such as revenue growth or profit margin.
Others say focusing on a single calendar year ignores the company’s long-term themes. Bitcoin’s price plummeted in 2025, and Strategy’s stock price also fell along with it. Critics of Mr. Schiff’s view said downside risks could be exaggerated in the short term. However, we ignore the potential upside in future cycles.
Leverage, dilution and investor discussion
The discussion also reignited concerns about leverage and shareholder dilution. Some market participants argued that Strategy’s use of debt and equity issuance to fund Bitcoin purchases was increasing volatility. As prices rise, leverage boosts returns. Losses increase as prices fall.
Several commentators said that while the theory of Bitcoin itself may remain intact, execution is key. He questioned whether aggressive capital raising at high prices would have a negative impact on existing shareholders. Still, supporters countered that Strategy’s approach reflected a long-term hedge against a decline in the value of fiat currencies, rather than a short-term trade. They argue that judging strategy based solely on 2025 misses the broader objective.
Discussions likely to continue until 2026
Schiff’s comments highlight the growing gulf between traditional macro thinkers and Bitcoin-focused corporate strategies. As the market heads towards 2026, this debate shows no signs of slowing down. Whether the strategy’s approach ultimately proves to be disruptive or visionary may depend on Bitcoin’s long-term trajectory rather than annual rankings. Today, Schiff and Saylor remain on opposing sides in one of cryptocurrency’s most polarizing debates.
