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Peter Schiff called Strategy’s (NASDAQ:MSTR) preferred stock STRC “the largest Ponzi in the world” after the company claimed the security was backed by Bitcoin (CRYPTO: BTC), warning the structure could collapse if new investors dry up.
The “Ponzi” Attack
Schiff responded to Strategy’s tweet claiming STRC was “backed by Bitcoin” on Tuesday, writing on X: “You mean it’s the largest Ponzi in the world. Investors don’t want Bitcoin. They want the 11.5% yield.”
He added that such returns were “financed by a pure Ponzi scheme,” warning that the structure could collapse if new investors dry up. “Then STRC crashes to zero,” Schiff wrote.
In an earlier response to Michael …
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