Peter Schiff has accused MicroStrategy and its Bitcoin-linked instruments of being “scams,” escalating criticism of executive Michael Saylor.
Schiff compared the firm’s STRC preferred equity product to the collapse of Nakamoto Games’ NAKA token, which lost over 99% of its value after heavy promotion at last year’s Bitcoin conference.
“By next year’s conference, attendees who buy STRC now may face similar losses to those who bought NAKA then,”
Schiff said, warning of another hype-driven cycle.
He also criticised Bitcoin investment narratives, arguing expected returns are driven by “hope” rather than fundamentals, and questioned claims that Bitcoin-backed financial products outperform traditional assets.
The remarks come as MicroStrategy continues to position itself as a leveraged Bitcoin proxy, with new financial instruments tied to its holdings gaining attention among crypto investors.
Schiff extended his critique to the broader crypto sector, warning that hype and speculation dominate market behaviour and could lead to significant retail losses.
He concluded by urging investors to favour gold and silver amid rising inflation and stagflation risks, reinforcing his long-standing preference for traditional safe-haven assets over Bitcoin.
At the time of reporting, Bitcoin price was $76,600.78.