Peter Schiff Calls Strategy's STRC Shares a Ponzi Scheme

Peter Schiff, a prominent economist and gold advocate, escalated his long-standing criticism of Bitcoin on April 23, 2026, by labeling Strategy's STRC perpetual preferred shares as "the most obvious Ponzi that has ever existed." The remarks, posted on X, targeted the company's executive chairman Michael Saylor and the U.S. Securities and Exchange Commission for allowing the promotion of the financial instrument.

Schiff argued that STRC investors are primarily attracted to its 11.5 percent annual dividend, paid monthly and recently adjusted to semimonthly distributions, rather than genuine exposure to Bitcoin. He described the structure as self-perpetuating, where proceeds from new share sales fund Bitcoin purchases that in turn support the share price and dividend payments. "Sometimes a Ponzi scheme is not obvious. The only sign may be that it seems too good to be true. But that is not the case with STRC, which is the most obvious Ponzi that has ever existed," Schiff wrote. "The fact that the SEC allows Saylor to promote it is more proof that we don't need an SEC."

Strategy issues STRC shares to raise capital specifically for acquiring Bitcoin, maintaining its position as the...