Economist Peter Schiff has renewed his warnings about Strategy (STR), calling the company’s Bitcoin-centric balance-sheet model a “financial dead end” that will lead to bankruptcy regardless of BTC’s long-term value.
Schiff argues that STR’s practice of allocating virtually all cash flow and debt capacity toward Bitcoin accumulation represents not innovation, but an over-leveraged treasury strategy with no shock absorbers. According to him, even if Bitcoin survives, Strategy cannot — because it has no operational fallback if the market turns against it.
Bitcoin Fear Accelerates Faster Than in Previous Cycle
The controversy gained more weight after trader Crypto Rover shared comparative cycle analyses of the 2025 and 2021 Bitcoin tops. The charts reveal that fear in the current cycle is emerging much faster than during the previous peak, despite Bitcoin trading at a significantly higher valuation today.
Bitcoin is hitting extreme fear much faster at this potential cycle top than it did in 2021. pic.twitter.com/B5mijjhvgT
— Crypto Rover (@cryptorover) November 17, 2025
The 2025 dataset shows Bitcoin approaching extreme-fear territory at prices around $95,000–$100,000, whereas in 2021 the fear zone only appeared much later and at much lower prices. Analysts argue that this shift suggests the market is more psychologically fragile despite higher institutional presence, and that leverage-driven positions are contributing to rapid sentiment swings.
For critics like Schiff, the chart reinforces the idea that corporate strategies fully tied to Bitcoin price action are unusually exposed to market psychology, not just fundamentals.
Dubai Face-Off Expected to Become a Turning Point
Schiff will soon debate Strategy co-founder Michael Saylor on stage at Binance Blockchain Week in Dubai this December, creating what observers expect to be one of the most closely followed discussions of the year. Supporters of STR argue that the company represents a blueprint for how corporations accumulate scarce digital assets in a post-fiat world, while opponents claim it is an unsustainable leverage spiral disguised as innovation.
The Broader Fight: Vision or Blind Risk?
Schiff maintains that it does not matter whether Bitcoin collapses or skyrockets — he believes STR is structurally locked into a losing position because no business can survive long-term while relying solely on market appreciation and debt expansion.
The Dubai debate is expected to shape the global discourse on whether Bitcoin belongs at the center of corporate treasuries or whether STR serves as an example of how far conviction can be pushed before it becomes risk-taking without insulation.