Euro Pacific Capital CEO Peter Schiff, a prominent Bitcoin critic, pointed out, "MicroStrategy's (NASDAQ: MSTR) Ponzi scheme has now moved beyond the early stage and entered the mid-stage." He added that MicroStrategy's strategy of using funds raised from preferred stock sales to accumulate Bitcoin is close to fraud. He previously stated, "MicroStrategy will eventually face a time when STRC preferred stock dividend payments become unsustainable. When that time comes, Michael Saylor will have to choose between two options: disposing of his holdings or selling preferred shareholder equity. This structure will eventually collapse."
