Bitcoin's Biggest Critic Schiff Calls Saylor's Strategy Report “Fraud”

Peter Schiff, the longtime Bitcoin critic and gold advocate, has once again thrown his regular jab at the Bitcoin ecosystem, particularly targeting the largest Bitcoin treasury firm, Strategy (formerly MicroStrategy).

On Friday, October 31, Schiff published a post discrediting Saylor’s Strategy earnings report, claiming that it is not as genuine as it presents itself. In his post, the Bitcoin critic argued that MicroStrategy’s so-called “earnings” are just paper gains tied to Bitcoin’s recent rally, not a genuine positive business performance.

Peter Schiff emphasized that the firm’s 2025 outlook is built entirely on the assumption that Bitcoin will keep rising, which makes its earnings report a considerable fraud.

The anti-Bitcoin speaker voiced his criticism shortly after MicroStrategy’s stock jumped nearly 7%, which he considers as stronger-than-expected quarterly results and bullish guidance for the year.

While the crypto community and the traditional finance landscape had applauded Strategy for its impressive growth and quarterly performance, Schiff is not convinced that the profit numbers are duly merited. As always, Schiff accused the company of masking speculation as profitability, reigniting his long-running war of words with the Bitcoin community.

Crypto community frowns at Schiff on new $MSTR take

Schiff’s criticism of MSTR’s quarterly performance has not been welcomed by the crypto community, and commentators have fired back, condemning Schiff’s previous business ventures.

Many argued that MicroStrategy isn’t pretending to be a software company anymore; they stressed that it’s essentially a publicly traded Bitcoin ETF with a Nasdaq ticker. In their view, the market is valuing MicroStrategy exactly as it should. They consider Strategy a high-risk, high-reward bet on Bitcoin.

Moreover, others pointed out that while Schiff sees Bitcoin appreciation as “fraudulent,” he celebrates gold’s value when it rises, calling it a contradiction that can’t be overlooked.

They argued that Schiff’s traditional approach misses how modern companies are evolving, with Bitcoin now being treated as a treasury reserve rather than just a speculative asset.