As Bitcoin trades 45 percent below its all-time-high, critics have started questioning its value once again. Despite seeing a sharp uptick Monday, trading in the green at $69,832 (at the time of going to press), owing to geopolitical instability, Bitcoin has been trading in the bearish zone, with bullish momentum being limited. This has led to institutions accumulating the dip and monthly highs.
Crypto critic Peter Schiff, has once again challenged Michael Saylor’s Bitcoin strategy.
MSTR valuation and Bitcoin performance comparison
According to a post on X by Schiff, over the past five years, Bitcoin has gained 12 percent, while MicroStrategy stock has risen 68.5 percent during the same period. Meanwhile, traditional markets have also delivered higher returns, with the NASDAQ up 57.4 percent and the S&P 500 up 59.4 percent.
Precious metals have performed better than both, as gold and silver have gone up 163 percent and 181 percent, respectively, during the period. Such comparisons have made some in the market doubt the role of Bitcoin as a major long-term asset. Peter Schiff has argued that Strategy’s stock trades at a premium due to investor demand rather than underlying Bitcoin performance.
Schiff stated that investors continue to buy MSTR shares, which allows the company to keep purchasing Bitcoin at higher prices. According to Schiff, this trend could weaken if demand for the stock declines or if market conditions change. He warned that the valuation gap between Bitcoin and Strategy could narrow under such circumstances. His comments frame Strategy’s performance as driven more by equity market behavior than by Bitcoin itself.
Schiff and Saylor dispute Bitcoin’s long-term outlook
Strategy was not only the point of focus, as Peter Schiff also pointed out Bitcoin’s relative performance against other assets over five years. He observed equities and commodities have been providing better returns, a fact that questions Bitcoin as a better store of value. Schiff raised the question of why people would remain holding Bitcoin when substitutes have recorded better returns over the same duration.
Michael Saylor responded by emphasizing adoption trends and changing market dynamics. In a post on X, he stated, “Bitcoin has won,” citing the growing global adoption around its role as digital capital. He also said Bitcoin halving is no longer the main driver of price movements. Instead, he argued that capital flows, along with bank and digital credit systems, now shape Bitcoin’s trajectory. Saylor added that poor protocol changes remain the primary risk to the network’s future.
To prove his point, Michael Saylor defended his point by pointing at longer-term performance metrics with the help of a detailed chart. He used statistics that Bitcoin has provided a 36 percent annualized return since August 2020, versus 16 percent for gold and 15 percent for QQQ. He also referenced SPY at 14 percent, VNQ at 5 percent, and BND at negative 1 percent over the same period.
These figures, he argued, demonstrate that timeframe selection plays a key role in evaluating Bitcoin’s performance relative to other assets. The current clash is not new in the market. On March 9, Schiff stated that the company relies on issuing high-yield instruments to sustain Bitcoin purchases. He said, “The Bitcoin pyramid is being propped up by MSTR,” while pointing to an 11.5 percent yield used to attract capital.
Strategy’s Bitcoin stack hits 762,099 BTC
Tracking the history of purchases, Bitbo confirms that Strategy has steadily increased Bitcoin holdings since 2021, with gradual accumulation through 2023 and sharper expansion in 2024. Holdings surged past 400,000 BTC in early 2025, then climbed above 700,000 BTC by 2026. As of press time, the position now stands at 762,099 BTC, with a reported value of $52.72 billion and a 3.629percent share of the total Bitcoin supply.
Source: Bitbo (Strategy Holdings)
According to Strategy’s crypto market performance, as Bitcoin trades above $68K, MSTR trades at $119, down 2.40 percent. The market cap stands at $41,413 million, while open interest is at $29,908 million, and BTC reserves total $52,670.