Peter Schiff Criticizes Strategy's Bitcoin Reliance Amidst 2025 Outlook

Peter Schiff, a well-known Bitcoin critic and gold advocate, has harshly criticized Strategy (formerly MicroStrategy), the largest corporate Bitcoin holder, accusing the firm of presenting fraudulent earnings based on unrealized Bitcoin gains rather than genuine business performance. Schiff challenged Strategy's $2.8 billion net income and $8.42 diluted earnings per share reported in Q3 2025, arguing that these figures rely on the assumption that Bitcoin prices will continue to rise, thus labeling the earnings report a fraud. Despite Schiff's critiques, Strategy, led by Michael Saylor, continues to acquire Bitcoin aggressively, holding over 640,000 BTC with an average cost basis of $74,032 per coin, and claims a 26% year-to-date return. The crypto community and other industry figures, including Cardano founder Charles Hoskinson, have rebuked Schiff's views, pointing out his history of failed Bitcoin price predictions and dismissing his criticisms as irrelevant and contradictory, especially given his celebration of gold's rising value. Hoskinson and others emphasize that Strategy is essentially a publicly traded Bitcoin instrument, with investors valuing it as a high-risk, high-reward Bitcoin investment rather than a traditional software company. These exchanges underscore an ongoing debate between Bitcoin proponents and critics regarding the legitimacy and future of Bitcoin-based corporate earnings and investments.