Saylor Labels Schiff’s Five-Year Bitcoin Critique Flawed, Citing 36% Returns
Peter Schiff highlighted Bitcoin’s 12% gain over five years versus gold’s 163% surge and silver’s 181% rally, questioning HODLing. Strategy’s Michael Saylor responded that since August 2020 BTC has annualized 36%, outpacing gold’s 16% and Nasdaq’s 15%, and that Strategy holds 762,099 BTC at $75,699 average cost.
1. Schiff’s Five-Year Bitcoin Performance Window
Peter Schiff highlighted BTC’s 12% gain over the past five years from April 2021, comparing that to gold’s 163% surge, silver’s 181% rally and equity indexes’ roughly 57-59% gains. He argued this weak performance undermines Bitcoin’s long-term appeal and suggested holders should reconsider their positions.
2. Saylor’s Annualized Return Rebuttal
Michael Saylor measured performance from August 2020, when Strategy began its corporate Bitcoin treasury strategy, and showed BTC annualized at 36%, versus 16% for gold, 15% for the Nasdaq-100, 14% for the S&P 500, 5% for real estate and negative 1% for bonds. He asserted that longer timeframes magnify Bitcoin’s outperformance across major assets.
3. Strategy’s Bitcoin Treasury Position
Strategy holds 762,099 BTC at an average acquisition cost of $75,699 per coin, making it the largest corporate holder of the cryptocurrency. With current spot near $66,847, the position remains below cost, exposing the company to potential volatility in its flagship asset allocation.