Bold claim, big controversy: Saylor’s plan to buy every Bitcoin is getting mocked and questioned from every side. Peter Schiff slammed Michael Saylor’s Bitcoin MENA keynote, challenging the idea that Strategy (now MicroStrategy) will buy up all the available Bitcoin. This comes on the heels of MicroStrategy’s latest, and largest, Bitcoin purchase in months.
Buying it all
In his keynote at the Bitcoin MENA conference, Saylor declared that MicroStrategy’s goal is to acquire as much Bitcoin as possible. “We are going to buy all of it,” he stated with conviction. The talk, lasting about 45 minutes, drew a crowd of more than 10,000 people, including sovereign wealth fund representatives, bankers, family offices, and hedge fund managers from the Middle East.
Saylor’s presentation was pitched as a roadmap to turning the region into a global center for Bitcoin-backed financial infrastructure. He portrayed Bitcoin as digital energy—a programmable, scarce asset capable of powering a new era of economic sovereignty.
More criticism
Separately on social media, Schiff criticized Saylor’s framework of transforming Bitcoin into “digital capital” and then into “digital credit” through MicroStrategy’s preferred stock. The stock carries an 8% perpetual dividend, supported by the firm’s 650,000 BTC holdings, purchased at an average price of $74,000 per coin.
Schiff argues that Saylor’s model amounts to an 8% yield Bitcoin bank that only works if Bitcoin’s price never stops climbing. If Bitcoin’s price stagnates or falls, the entire strategy could unravel. In Schiff’s view, there is no real cash-flow-producing asset behind the purported yield, which is at the heart of his critique.
