Peter Schiff (피터 시프), a prominent bitcoin critic, again took direct aim at Strategy Chairman Michael Saylor’s long-term buying strategy. He said Strategy’s average bitcoin purchase price after six years of steady buying has moved close to current market levels, raising questions about long-term investment performance.

On Nov. 7 (local time), blockchain media outlet U.Today reported that Schiff recently posted on social media criticising Strategy’s bitcoin treasury strategy after a sharp drop in the bitcoin price.

Schiff mocked bitcoin supporters by saying “congratulations,” and claimed that Strategy has accumulated bitcoin for years but failed to achieve the results it expected. He flagged that Strategy’s average bitcoin purchase price is about $75,500 per coin, and said the recent price decline has sharply reduced the unrealised gains on its holdings.

The core of his attack was the long-term return outlook that Saylor has emphasised. Schiff referred to Saylor’s expectation of about 30 percent annual returns and said the current performance makes that expectation difficult to justify. He also pointed to the fact that despite years of accumulation, the position has been pushed back to around its cost level.

Schiff also repeated his argument that Strategy should have chosen gold instead of bitcoin. He said that if it had invested in gold over the same period, the asset value would have doubled, and criticised Saylor for choosing the wrong investment. He again stressed his long-held view that gold is a more reliable store of value than bitcoin.

He has long been a strong critic of bitcoin. He has repeatedly attacked large bitcoin holders including Saylor, and has expressed negative views such as likening bitcoin to a Ponzi scheme. His latest comments are seen as taking issue with Strategy’s long-term accumulation strategy in the wake of the recent market correction.

Still, Schiff’s argument is an extension of the longstanding debate over the investment value of bitcoin and gold. To assess Strategy’s performance, it is necessary to consider not only the spot purchase price but also the holding period, funding costs and the structure of stock and bond issuance used to buy bitcoin.

The debate is ultimately moving beyond a short-term rebound in the bitcoin price to the question of how much return Strategy’s aggressive accumulation strategy can generate over the long term. The standoff between Saylor and Schiff over whether bitcoin or gold is the better store of value is also expected to continue.

Congratulations, Bitcoiners. Six years in, the biggest Bitcoin buyer in the world is sitting at his own cost basis, around $75,500. Saylor promised 30% a year. Gold would have doubled his money. The Bitcoin president just got rejected by the voters. Got gold? https://t.co/Hq4oTEIara