According to foreign media reports, Peter Schiff, a long-time critic of Bitcoin, recently described Strategy's latest way of operating as a “middle-range Ponzi”. His core judgement is that this company, known for its Bitcoin strategy, is moving from “financing to buying money” to “selling money to maintain payment”, which will further channel corporate cash pressure to the Bitcoin market.
Schiff questions the direction of the financial flows.
According to the article, Strategy was able to raise funds in the early stages, mainly through the issuance of debt swaps and the sale of shares, and then to invest in bitcoin. According to Shiv, the current financial flow has reversed: instead of relying on external financing to increase the amount of bitcoin, the company needs to sell part of the bitcoin to pay dividends, interest, debt repayment and buy back the shares previously sold.
He therefore claims that Strategy ' s business model has changed and that subsequent operations will rely more on the continued rise in bitcoin prices. If currency prices are not kept high, the scope for companies to maintain dividends and for debt expenditure will be narrowed.
Selling and split red pressure amplified.
The article mentions a change in the rate of return of $ STRC, specifically named by Shiv. He claimed that, as the price of the product fell, its current rate of return had risen to about 15 per cent. In his judgement, if Strategy wanted to push the price back around $100, it would have to increase the red-red.
According to Shiv, this would create a self-reinforcing pressure chain: priority stock prices fall, pushing up the scoring requirement; with higher dividends, companies will need to sell more bitcoin to raise cash; and the selling currency may continue to press down bitcoin prices.
He also mentioned that, since October 2025, Strategy had invested approximately $17 billion to buy bitcoin, but that there had been a significant reversal in the price. According to him, if bitcoin was still weak at the time of the large purchase of the inventory, then market pressure could increase even further once the company moved to net sales.
Bitcoin's got a stake in it.
In price judgement, the Shiv believes that additional sales pressure could threaten the critical support of Bitcoin. He referred to the $58,000 line and stated that, if this position was lost, Bitcoin could fall further down by $50,000, close to the low point of August 2024.
In essence, the article is a clear-sighted commentary, the core of which is not that Strategy disclosed a new formal programme, but that Shiv, based on recent company operations, questioned its treasury model and the price prospects for bitcoin. The market is still more concerned with the continued sale of currency by Strategy, the dividends and the size of debt expenditure, and the potential for Bitcoin to absorb this part of the pressure.