Economist and bitcoin (BTC) pessimist Peter Schiff (피터 시프) directly criticised Strategy's preferred share (STRC) structure and questioned whether its dividend can be sustained.

On May 6, blockchain media outlet BeInCrypto reported that Schiff called Strategy a "pure Ponzi" and said bitcoin is also a "hybrid pyramid."

The issue is what funding source can support the STRC dividend. Schiff took issue with Michael Saylor acknowledging recently that he could sell the company's bitcoin holdings if needed to pay the STRC dividend. Schiff saw the public pledge as a device to keep investors' trust.

In a post on X, formerly Twitter, Schiff said Saylor's pledge was "the type of 'commitment' needed to keep the Ponzi going longer." He added that the choice could be different when the time comes. He said Saylor is more likely to stop paying the STRC dividend and send the preferred share price down, rather than rock bitcoin.

At the core is Schiff's view that Saylor would prioritise the company's underlying asset, bitcoin, over the preferred shares. Schiff wrote, "When the time comes, he will suspend the dividend and crash STRC, not sell Bitcoin." He argued Saylor could choose to maintain the bitcoin holding strategy over protecting STRC investors.

The controversy grew after Strategy posted a sharp loss in its first-quarter 2026 results. The weaker results focused attention on how the company would meet dividend promises across its expanded layers of preferred shares. Strategy has issued several types of preferred shares in recent years, and each product carries recurring dividend payment obligations. The key variable for sustaining the structure has become whether it can keep raising new capital.

Schiff has also criticised Strategy's bitcoin accumulation model as benefiting early holders while shifting the burden to new buyers. This latest attack follows that line. He has also repeatedly raised issues with Saylor's claims of long-term performance.

Criticism from inside and outside the market is also spreading to the broader preferred share structure. Concerns are being raised that if the STRC dividend stops even once, it would not only shake the product's price, but could also spread a loss of trust to other corporate bitcoin-holding models that use similar financial strategies. In particular, because the preferred share structure rests on the assumption that dividend promises will be kept, even the possibility of a suspension could increase pressure for a price reappraisal.

In the coming quarters, the key point to watch is whether Strategy can actually keep its promise to defend the STRC dividend even amid macroeconomic pressure. If dividend funding wavers, the dividend-suspension scenario raised by Schiff could come back into focus. If the dividend is maintained, the Ponzi attack around STRC would also face a test to some extent.

Yesterday @Saylor admitted that $MSTR would sell Bitcoin if needed to pay the dividend on $STRC. 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.