Peter Schiff renewed his attack on Strategy’s Bitcoin accumulation playbook. He argued the firm’s growing share of the supply has done nothing to support the BTC price.
The longtime gold advocate posted from outside the Bitcoin 2026 conference in Las Vegas. He claimed his sell warning from last year had been validated by a sharp price drop.
A Year of Buying, A Year of Falling Prices
Schiff highlighted a stark contrast between Strategy’s accumulation pace and Bitcoin’s price action over the past 12 months. The firm controlled 2.76% of total Bitcoin (BTC) supply at last year’s Vegas conference. It now holds 3.9%, a 40% increase in market share.
That growing dominance failed to put a floor under the market. Bitcoin traded near $110,000 when Schiff spoke at the 2025 event. The asset has since fallen to about $76,000, a 30% slide. The drop has reignited debate over the death spiral thesis Schiff has pushed for months.
Schiff Watches the Bitcoin Conference From Home
Notably, economist Peter Schiff skipped this year’s gathering following his 2025 sell call and has continued to criticize Strategy’s corporate treasury model, which has played a key role in driving the company’s record Bitcoin accumulation.
Meanwhile, Bitwise CIO Matt Hougan maintains that Strategy remains the single most important driver behind Bitcoin’s recent rally, pointing to its aggressive, debt-fueled accumulation strategy.
Schiff also pointed to a shift in conference narratives. Last April, Bitcoin treasury vehicles dominated the discussion as the price approached its peak. This year, the spotlight has moved to digital credit, which Schiff predicted would also collapse.
The accumulation race between Strategy and rivals such as Bitmine has not translated into a price floor. Bitcoin’s slide has dragged the broader market lower. Analysts have trimmed their Q2 outlook for the asset.
From Treasury Critic to Ponzi Allegations
Schiff has gone beyond skepticism in recent weeks. He labeled Strategy’s STRC preferred share product the largest Ponzi in the world. He also challenged Michael Saylor to debate after calling Bitcoin a “shitcoin” on social media.
He posed a direct question to Bitcoin holders ahead of next year’s gathering.
“If MSTR gets to 5% of supply by next year’s conference, why should Bitcoin stop falling?”
Schiff framed the question as a test of the accumulation thesis. The next 12 months may settle the argument. Strategy is expected to keep buying.
A deeper drawdown could pressure its leverage and the wider treasury company model that has shaped this cycle.
