Peter Schiff Assesses the Prospects of Strategy
According to the economist, Strategy stays afloat only because large funds are buying its preferred shares with a promised high yield — payments that will never actually materialize.
“As soon as the managers realize this, they will dump Strategy’s securities. Regardless of what happens to Bitcoin, I am convinced that Strategy will lose the ability to issue new shares and will face bankruptcy,” Schiff noted.
The company’s third-quarter report showing $2.8 billion in net profit does not reflect the true state of affairs. Strategy is misleading investors by publishing inaccurate figures, the expert believes.
He emphasized that he plans to hold a debate with Strategy founder Michael Saylor during Binance Blockchain Week in Dubai on December 3–4 to prove the insolvency of the company’s business model.
Earlier, Peter Schiff urged investors and traders to sell their Bitcoins as soon as possible while the leading cryptocurrency remains above the $100,000 mark.
See also: "Michael Saylor believes that the period of Bitcoin’s decline is already behind us"
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