Peter Schiff Labels Strategy’s STRC as a “Ponzi” Scheme Amid Market Movements
- Peter Schiff criticized Strategy’s STRC perpetual preferred stock, calling it the “most obvious Ponzi” scheme.
- STRC stock is currently trading at $99.50, approaching its $100 par value, while MSTR stock rose by 9.39% to $179.36.
- Strategy holds approximately 815,061 BTC valued at around $63.38 billion and offers an annual dividend of about 11.5% on STRC.
- Trading volume for STRC reached over two million shares, indicating potential for increased Bitcoin purchases.
- Analyst Lance Vitanza maintains a buy rating for MSTR with a price target of $385 due to ongoing Bitcoin accumulation strategies.
Schiff’s remarks come as he questions the SEC’s oversight in allowing the promotion of STRC, suggesting it misleads investors regarding Bitcoin purchases. The ongoing debate highlights concerns over investment strategies in the cryptocurrency market amidst rising stock prices.
As of now, Bitcoin is trading around $77,900 with significant fluctuations noted in recent days.(Source)
