Longtime Bitcoin critic Peter Schiff renewed his attack on Strategy’s (NASDAQ:MSTR) preferred stock offering STRC (NASDAQ:STRC), accusing Executive Chairman Michael Saylor of misleading investors.

Never Attracted To BTC Narrative

"It’s true that I never bought into the Bitcoin (CRYPTO: BTC) narrative, but I always respected the views of those who disagreed with me,” Schiff wrote on June 24 in an X post.

"But I drew a line with Saylor defrauding investors with his STRC Ponzi scheme and those who covered for him."

In a separate post, Schiff argued that Saylor marketed STRC as a lower-risk Bitcoin-linked investment for conservative investors.

"Saylor promoted STRC to risk-averse retirees by assuring them that all the volatility had been stripped out," Schiff said. "STRC is down over 5% today, more than 17% below what many retirees paid last month."

Schiff went further after a trader pushed back, claiming Saylor’s public statements could constitute securities-law violations.

"Go back and look at his X posts. Listen to some of his interviews. These were clear SEC violations," Schiff wrote.

Bitcoin Correction Or STRC-Specific Event?

Not everyone agrees with Schiff’s assessment.

Crypto trader Tajo Crypto argued that volatility should be expected in any security linked to Bitcoin. "The upside will be massive for anyone that holds," he added.

Meanwhile, analyst Michael van de Poppe suggested the weakness in STRC may be having an outsized impact on broader crypto sentiment. "STRC breaking to new lows, dragging Bitcoin along," he said.

Van de Poppe noted that many altcoins were outperforming Bitcoin on BTC trading pairs, suggesting the current market weakness may be tied more closely to concerns surrounding Strategy’s capital structure than broader crypto fundamentals.

"Don’t sell your Bitcoin, that’s the whole design of this correction," he added.

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