[Digital Today Seung-a Yoo, intern reporter] Gold bull and bitcoin critic Peter Schiff (피터 시프) publicly criticised Michael Saylor (마이클 세일러)'s bitcoin accumulation strategy.

On Oct. 12 (local time), blockchain outlet U.Today reported that Schiff responded to Saylor's recent announcement of additional bitcoin purchases. Schiff pointed out that Strategy's year-to-date bitcoin yield was minus 3.7 percent.

In a post on X, formerly Twitter, Schiff wrote, "By the standard you presented, 2026 has been a failure so far," he said. He argued that bitcoin yield, which Saylor had previously highlighted as a key company performance indicator, was instead exposing the limits of the accumulation strategy.

Bitcoin yield is an indicator that measures changes in Strategy's bitcoin holdings on a diluted share basis. A negative figure means that even if the company continued to buy bitcoin, bitcoin holdings per share on a diluted basis fell from earlier levels. Schiff cited this to argue that the performance indicator Saylor has emphasised is now working against the current investment strategy. Bitcoin yield, however, is not an indicator that directly shows Strategy's share price or investment returns on its bitcoin holdings.

Strategy has continued to buy bitcoin despite the criticism. Saylor said the company recently bought an additional 250 bitcoin and repurchased about $192 million worth of preferred shares. About $21.5 million was used for the bitcoin purchase, with an average purchase price of $86,194 per bitcoin.

As of Oct. 11, Strategy held a total of 848,250 bitcoin. Total acquisition cost was about $64.0 billion, and the average purchase price was $75,444 per bitcoin. Separately, the company also holds about $5.5 billion in cash and dollar reserve assets.

Schiff earlier raised doubts about bitcoin's rise on Sept. 22. At the time, he mentioned the possibility that Strategy's announcement of additional bitcoin purchases may have partly driven the rise. He also cited Saylor's optimistic stance on the stalled CLARITY Act as a backdrop to the gains.

Schiff also argued that the spread of stock tokenisation could weaken bitcoin's investment appeal. He said blockchain-based securities of companies that generate earnings and pay dividends could become an alternative to bitcoin. As a result, a key issue is whether Strategy's bitcoin accumulation actually leads to an increase in holdings per share and, further, whether it contributes to enhancing shareholder value.