Strategy grew its BTC market share from 2.76% to 3.9%, a 40% increase in ownership concentration, but the price still fell by about 30%.
Last year at the Bitcoin conference in Las Vegas, Peter Schiff advised people to sell their BTC holdings. At the time, the cryptocurrency was valued at around $110,000, as it rode the hype of Bitcoin treasury companies.
Now, with the 2026 gathering happening, BTC is trading near $77,000, and according to Schiff, that dip shows that the new narrative being pushed at this year’s event will also do nothing for the asset’s price.
What Schiff Said Then, What He’s Saying Now, and Why the Gap Matters
At the 2025 conference, Schiff stood on stage and told attendees to sell. The crowd was deep into the Bitcoin treasury company narrative, the idea that publicly traded companies loading up on Bitcoin would keep driving the price higher.
A year on, the asset is down about 30%, and the hot new pitch at the 2026 event is “digital credit,” which, according to Schiff, will go nowhere too.
“Last year, the hype was Bitcoin treasury companies near the peak,” he wrote on X. “This year, it’s digital credit, which will soon blow up.”
The economist also ran the numbers on Strategy’s Bitcoin accumulation. A year ago, the company owned 2.76% of the total supply. Today it is 3.9%, a 40% increase in the market share, and the price has still fallen. Schiff’s question, put simply, is if Strategy gets to 5% by next year’s conference, why would that be any different?
Strategy has, in fact, kept buying. On the day the conference began, it picked up another 3,273 BTC for roughly $255 million, bringing its total to 818,334 BTC bought for around $61.8 billion at an average of about $75,500 per BTC.
Schiff has also been targeting Strategy’s STRC preferred stock. In a live X Space on April 23, he called it “an obvious Ponzi scheme” and spent roughly two hours explaining why.
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His argument was straightforward: STRC pays holders an 11.5% annual yield in monthly cash distributions, and Strategy’s software business does not generate nearly enough income to cover that. So where does the money come from?
“The 11.5% yield on STRC is paid by selling more shares of STRC, and then you get money from new investors to pay old investors,” claimed the gold bug.
Schiff’s Critics Have a Long Memory
The reaction on X was predictable and not especially kind to Schiff. Trader Mr. Anderson posted a thread of screenshots going back to November 2013, when Schiff was warning people off Bitcoin at $764.
There are subsequent calls at $566, $3,870, $4,023, $7,220, and $5,341. Bitcoin has multiplied many times over from each of those prices.
“You said that from $700 to $126K,” the post read. “To say, ‘I was right’ after all that tells us everything we need to know about your opinion.”
Analyst Josh Mandell made a different kind of objection:
“You can’t take credit for telling people to take profits on something you never suggested they buy in the first place.”
At the conference itself on April 28, Saylor told the crowd he thinks a supply shock is building. His reasoning is that somewhere between $20 billion and $100 billion in new bank credit could flow into Bitcoin over the next 12 months, from institutions including J.P. Morgan, Citigroup, Schwab, Morgan Stanley, and Barclays, against roughly $10 billion of BTC he said is “naturally available for sale.”
His conclusion was that prices should rally and that the rally would pull up Bitcoin treasury stocks and demand for digital credit products along with it.
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