Economist Peter Schiff, a bitcoin (BTC) pessimist, directly rebutted Michael Saylor’s claim likening bitcoin to a New York skyscraper.

On May 18, blockchain outlet BeInCrypto reported that Schiff said a building generates monthly rent, while bitcoin holders get no separate cash flow. He argued the two assets cannot be seen in the same category.

The exchange has revived a long-running debate over whether bitcoin should be viewed as a store of value or as an unproductive speculative asset. Schiff countered Saylor’s analogy on X, formerly Twitter, saying bitcoin has only the “next trade”. He took issue with the fact that holding the asset alone does not generate income.

Saylor has compared bitcoin to Manhattan real estate. He has described the bitcoin holdings of Strategy, which he leads, as a “digital skyscraper” that can appreciate in value and be used as collateral for additional borrowing. He reiterated that idea at the Bitcoin 2026 event in Las Vegas and set a goal of building a $1 trillion bitcoin balance sheet.

Recent filings show Strategy holds 815,061 BTC at an average purchase price of $75,528. The company has raised funds through preferred shares such as STRC and STRF. The structure is aimed at building a long-term capital base on expectations of higher bitcoin prices and using it again as funding for additional purchases.

Schiff’s criticism targets the core of that structure. He said real estate companies can secure funds to repay debt from rent alone, but a bitcoin treasury strategy depends on price gains, new funding, or a combination of the two. He has previously called Strategy’s STRC product a “centralized Ponzi”. He has also called for the U.S. Securities and Exchange Commission to start an anti-fraud investigation into how the product is marketed.

Market conditions are also a backdrop to the debate. Bitcoin is currently in the $76,900 range, slightly above Strategy’s average purchase price. Saylor’s strategy is holding up in that bitcoin has not fallen sharply, but if gains are limited, the accumulation model premised on borrowing and capital raising could face a more direct test.

The difference in views is clear. Saylor believes scarcity and access to bank credit alone can make bitcoin a core asset of the modern economy. Schiff, by contrast, sees the lack of cash flow as a decisive weakness. The debate is not just a war of words. It is extending to how bitcoin should be classified as an asset and under what conditions corporate bitcoin treasury strategies can be sustained.

For market participants watching Strategy, the debate is also prompting a renewed look at the difference between a model sustained only by price gains and a model based on assets that generate their own income. If the bitcoin market turns bearish before year-end, the sustainability of Saylor’s leveraged accumulation strategy could also face a test.

“No, if you own a NY skyscraper you can collect a lot of rent. If you own Bitcoin you collect nothing. That makes all the difference in the world.”