Bitcoin of all time [BTC] critic Peter Schiff never misses an opportunity to criticize the world’s leading cryptocurrency. At times he has even joked to Strategy’s Michael Saylor.
This time is no different, with Schiff now rejecting Strategy’s preferred stock – STRC. According to the director, it is “the most obvious Ponzi that has ever existed.”
Schiff criticizes Strategy’s STRC
Schiff also went a step further and attacked the U.S. Securities and Exchange Commission for allowing Saylor to promote his preferred stock. He added:
We don’t need an SEC.
However, that’s not all. Schiff also announced an X-room where he has invited the broader public to share their opinions and prove him wrong.
Saylor, you too. I would also like @coffeebreak_YT [Coffeezilla – Internet Detective Exposing Scam] participate. He did a great job of exposing this, but then refrained from calling it a Ponzi.
STRC steals the spotlight in just a few weeks!
Schiff’s latest comments follow Strategy’s recent post in which the company declared Bitcoin-backed STRC stock the “world’s largest preferred stock.”
For those who don’t know, Strategy uses Stretch perpetual preferred stock (STRC) with an 11.5% yield to buy more Bitcoin.
However, to further accelerate Bitcoin’s buying spree, Strategy’s Saylor recently announced that it would change the 11.5% monthly interest rate to a semi-monthly payout plan. The STRC itself has collected 17,204.73 BTC so far.
At the same time, STRC’s share price was $99.60, up 0.16% at the time of writing.
What about Strategy’s interests?
For its part, Strategy still remains the largest public Bitcoin treasury company, with 815,061 BTC worth $63.21 billion.
The latest acquisition took place on April 20, when the company added 34,164 new BTC to its supply. Meanwhile, MSTR’s share price was $175.63, down 2.03% at the time of writing.
Final summary
- Peter Schiff has again criticized Michael Saylor’s preferred shares.
- Both STRC and MSTR have sent opposite signals to investors.