Prominent gold advocate Peter Schiff questioned Michael Saylor’s six-year Bitcoin investment strategy as Strategy’s treasury returns to near break-even levels, sparking renewed debate about the long-term performance of Bitcoin versus gold. Schiff argued that gold has significantly outperformed Bitcoin over the same period, challenging the rationale behind Saylor’s aggressive accumulation plan.
Strategy’s Bitcoin holdings approach average cost
Strategy’s Bitcoin portfolio hovered close to its average acquisition cost as BTC traded around $75,955 on November 7. A recent market downturn erased much of Bitcoin’s earlier gains, pulling the company’s accumulated holdings back toward break-even.
According to a Securities and Exchange Commission filing from November 2, Strategy held 849,327 BTC as of November 1, after purchasing 811 additional BTC for approximately $65.5 million. The company’s cumulative acquisition cost stood at $64.08 billion, translating to an average purchase price of $75,451 per Bitcoin, inclusive of all fees and expenses.
With BTC priced at $75,955, Strategy’s total Bitcoin holdings were valued at roughly $64.51 billion. This figure produced an unrealized gain of about $428 million, or 0.67% above the aggregate acquisition cost, illustrating a narrow margin relative to the size of the company’s exposure.
Strategy began its Bitcoin accumulation in August 2020, then as MicroStrategy, by purchasing 21,454 BTC for $250 million. This move marked Bitcoin as the firm’s main treasury reserve and set the stage for one of the largest ongoing corporate crypto investment initiatives.
Following several rounds of additional purchases funded by equity and other capital arrangements, Strategy’s holdings have expanded significantly. Nevertheless, Bitcoin’s retreat near the company’s average cost has intensified scrutiny of Saylor’s long-term approach.
Strategy’s average acquisition price stands at $75,451 per Bitcoin, and its holdings recently returned to near this level as sharp market corrections erased much of its unrealized gains.
Schiff contests Saylor’s outlook amid muted returns
Peter Schiff referred to Bitcoin’s recent weakness with a pointed message on X, sarcastically congratulating supporters as BTC traded close to Strategy’s average buying price. Schiff’s remarks focused on the gap between Saylor’s previous statements projecting long-term Bitcoin appreciation and the company’s modest short-term returns.
In December 2025, Michael Saylor stated in a CoinDesk interview, “I expect Bitcoin will appreciate about 30% a year for the next 20 years.” While reflecting Saylor’s outlook rather than a formal promise or performance guarantee by Strategy, Schiff seized on the narrow margin to question the underlying investment thesis.
The evaluation of Strategy’s returns requires distinction between BTC market performance and the company’s own outcomes. The average acquisition price is a weighted average across hundreds of transactions, not a single investment point, and does not necessarily translate to the return on the company’s public equity. Financing methods, share issuance, and debt factors further shape shareholder results.
Saylor’s projection of 30% annual growth underscores his bullish stance, but the company’s actual Bitcoin position shows only a slim unrealized gain after six years of persistent buying.
Bitcoin’s close alignment with Strategy’s average purchase price highlights how large corporate treasuries can experience rapid valuation shifts during periods of volatility, underscoring both risks and the debate around the long-term value proposition.
Gold’s superior gains fuel criticism
Schiff revived his long-standing position that gold is a more reliable investment than Bitcoin, suggesting investors could have doubled their money in gold compared to Strategy’s cryptocurrency approach. Historical data supports the comparison: gold was priced near $1,915.79 per ounce on August 11, 2020, while reaching approximately $4,070.59 by November 6, 2026, a gain of about 112.5%.
Over the same period, Bitcoin climbed from $11,410.53 to $75,955, an approximate increase of 566%. However, Strategy’s cumulative Bitcoin acquisition price, not the spot returns from August 2020, most heavily influences its current portfolio outcome.
The distinction is crucial, as the firm’s weighted average price reflects sustained accumulation throughout fluctuating market cycles. While gold has more than doubled since Strategy’s initial Bitcoin entry, Bitcoin’s overall price appreciation remains substantial, even as corporate treasury gains appear modest due to purchase timing and volume.
Schiff has remained consistent in his advocacy for precious metals and skepticism toward cryptocurrencies, leveraging Strategy’s near break-even valuation as support for his criticism.
Midterm elections add political dimension
Schiff extended his critique beyond investment performance, attributing Bitcoin’s weakness to political developments following the US midterm elections, as Democrats secured both houses of Congress. He framed this outcome as a rebuke of President Donald Trump, whom he called “the Bitcoin president,” and suggested the political shift could dampen support for cryptocurrency policy favored by the administration.
Bitcoin exhibited notable volatility around the election results. The cryptocurrency dipped below $76,000 following the vote and rebounded to $78,000, but momentum did not carry it above the $80,000 mark. Broader economic factors, including setbacks in technology stocks and changing risk sentiment, also contributed to the pressure on Bitcoin and other digital assets.
While Schiff’s arguments link political changes with market movements, his commentary aligns with his established skepticism of BTC and advocacy of gold, more than it reflects independent evidence of cause and effect in the crypto market.
For investors monitoring Treasury moves or sharp fluctuations in large Bitcoin portfolios, CryptoAppsy’s real-time charts and customizable portfolio tool offer a practical solution. These features allow users to closely track BTC price shifts relative to key acquisition levels, quickly assess unrealized gains or losses, and adjust their oversight as market and macroeconomic events unfold.
Strategy’s large-scale Bitcoin position remains close to its average cost, placing added emphasis on future price action and market recovery potential as the debate around crypto and gold intensifies.
