Peter Schiff calls MicroStrategy a Ponzi, warns on STRC dividend

On May 6, 2026, investor and gold advocate Peter Schiff wrote on X that MicroStrategy is a ‘pure Ponzi’ and predicted the firm would suspend dividends on its STRC preferred shares rather than liquidate Bitcoin reserves to pay payouts.

Schiff’s post followed Michael Saylor’s recent acknowledgement that MicroStrategy would sell Bitcoin if necessary to fund STRC dividends. Schiff wrote: ‘I think that type of “commitment” is needed to keep the Ponzi going longer. But my guess is when the time comes, he’d suspend the dividend and “crash $STRC rather than crash Bitcoin.”‘

The comments came after MicroStrategy reported a sharp loss in its Q1 2026 results. The figures intensified scrutiny of how the company finances recurring dividend commitments tied to multiple preferred share classes it has issued in recent years.

Those preferred classes carry recurring dividend obligations that depend in part on the company’s ability to raise new capital or deploy other resources. Critics warn that a suspended dividend on one class could trigger steep repricing across the preferred stack and raise questions about valuation and liquidity for investors.

MicroStrategy did not immediately respond to requests for comment. The company’s actions in coming quarters-whether tapping Bitcoin reserves, suspending payouts, or taking other measures-will determine how it meets obligations on its preferred shares.