In one corner stands Peter Schiff, Bitcoin critic, and the voice of reason that no one asked for.
In the other? Strategy, a company with ambition, a hefty Bitcoin stash, and an eye on the future, except Peter Schiff sees only flames and fraud. Who will win?
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Unrealized gains = paper profit
Strategy just dropped its Q3 earnings, showing a 6.7% stock bump and a fat $2.8 billion in net income.
Sounds impressive, right? Not if you’re Schiff. The man took to X to claim this was a mirage, a house of cards powered by unrealized Bitcoin gains, adding that the company’s reported profits don’t reflect real operations.
$MSTR is up 6.7% because the company reported better-than-expected "earnings." But the entire report is a fraud. The so-called earnings merely reflect Bitcoin appreciation. Saylor's 2025 full-year guidance merely reflects his claim that Bitcoin will soar between now and year-end.
— Peter Schiff (@PeterSchiff) October 31, 2025
Fair to say, Strategy didn’t sell, so yes, there are unrealized gains, paper profit. He called out the report as “fraud,” and, in typical Schiff fashion, accused Strategy of riding the volatile Bitcoin rollercoaster without a seatbelt.
Strategy is the godfather of the Bitcoin treasury gang, the company boasts holding 640,808 BTC, roughly $47.44 billion at current prices.
Saylor’s company is like a digital gold hoard, purchased at an average of about $74,032 per BTC.
For Saylor, that’s a 26% year-to-date yield, meaning, he’s riding the crypto wave higher than most surfers on the shoreline.
But Schiff isn’t impressed, he sees this as less of a strategic masterstroke and more of a speculative gamble.
If Bitcoin’s price tanks, so does Strategy’s entire financial façade. Which is possible, yes, but industry experts say quite unlikely.
Buying more Bitcoin
Saylor, ever the brave defender, dismissed merger rumors with other Bitcoin treasury firms, insisting that such alliances pose risks and delays.
Instead, Strategy is fixated on what Saylor calls “strengthening the balance sheet,” issuing digital credit, and, surprise, buying more Bitcoin.
To him, BTC is the backbone of corporate finance in the 21st century. And you can’t have enough BTC.
The money of tomorrow
The Schiff-Saylor feud is age-old, like two old wolves circling the same carcass, each claiming dominance.
Schiff argues that gold remains the only safe harbor amid economic chaos, while Saylor sees Bitcoin as the digital property of the future, bestowing wealth and power in a decentralized universe.
Schiff’s skepticism echoes a broader distrust of crypto’s speculative nature, while Saylor stays stubborn, doubling down on his conviction that Bitcoin is the money of tomorrow.
The funny part is that in the social media, some say probably they’re both right, simultaneously.
As Bitcoin continues to make headlines and shake markets, Schiff’s warnings ring louder, yet Saylor’s confidence won’t budge.
The world watches, torn between gold’s old glory and Bitcoin’s digital march, a showdown no one can afford to ignore.
Editor’s Take:
Peter Schiff’s fiery rants against Bitcoin are nothing new, but this time, the man’s frustration almost sounds nostalgic.
He’s defending the old world of tangible gold while Saylor’s Strategy rewrites the playbook with digital scarcity.
Whether you call it paper profit or a masterstroke, the truth probably sits in between. Schiff may be right about risk, but ignoring Bitcoin’s staying power feels just as blind.
Maybe this feud isn’t about who’s right — it’s about two worlds refusing to speak the same language.
Frequently Asked Questions
Why did Peter Schiff call Strategy’s Bitcoin profit a “fraud”?
Schiff argued that Strategy’s $2.8 billion profit was based on unrealized Bitcoin gains — “paper profits” rather than real operational earnings — calling the report misleading.
How much Bitcoin does Strategy hold?
Strategy holds around 640,808 BTC, worth approximately $47.4 billion at current prices, making it the largest corporate Bitcoin treasury in the world.
What is Michael Saylor’s stance on Bitcoin?
Michael Saylor sees Bitcoin as the ultimate digital property — a hedge against inflation and the foundation of 21st-century corporate finance. He continues to buy more BTC through Strategy.
Why does Peter Schiff prefer gold over Bitcoin?
Schiff argues that gold has intrinsic value and stability, while Bitcoin is speculative and vulnerable to volatility. He believes gold remains the only true store of value in uncertain times.
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Cryptocurrency and Web3 expert, founder of Kriptoworld
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With years of experience covering the blockchain space, András delivers insightful reporting on DeFi, tokenization, altcoins, and crypto regulations shaping the digital economy.
📅 Published: November 2, 2025 • 🕓 Last updated: November 2, 2025
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