I don't really like Peter Schiff since he is a bitcoin hater but I gotta give it to him, he has some solid points, not on btc itself but Saylor's company; Strategy. Saylor on the other hand, looks like a scammer trying to hide his true self behind the btc-maximalist title. In this equation, even though I really don't want it, I got no choice but to support Schiff. Strategy is playing a dangerous game and he is not the first one tried to do the same thing. Lots of people tried the exact same scheme before and they all went bankrupt eventually. Something similar happened recently in Turkish financial markets. I am not going to explain the details, if you want you can search the web and find out about it. I'll tell you this though. Everything has blown up. Total loss of funds is around 20 fucking billion dollars, US. Strategy... It is much, much bigger than this, and when they go down, and they will, they will leave a black hole behind them.
I think that's true especially for STRC. It made more sense to invest in the company, in the common stock MSTR when the strategy was that it could achieve high multiples of mNAV because it was a leveraged play on Bitcoin. Thats no longer on the table today. First, because Saylor has ruined it by ATMing MSTR as if there were no tomorrow, and second, because as he accumulates more Bitcoins, it becomes harder to mathematically justify that anyone would pay a high mNAV.
So, the product he came up with to solve the problemSTRCwhich he promotes so heavily, is the typical product that pays a lot of interest but, over time, loses more capital; it loses more of the principal on the investment than the interest it pays. I suppose something like that is what happened in your country.
