Gold advocate Peter Schiff attacked Strategy (NASDAQ:MSTR) executive chairman Michael Saylor’s pledge to refinance debt at $8,000 Bitcoin (CRYPTO: BTC), asking if anyone would take Saylor or Bitcoin seriously at that price.



<h3>The Schiff Attack</h3>



Schiff posted on X questioning Saylor’s credibility if Bitcoin crashes to $8,000 by 2030, asking whether anyone would |still take Saylor or Bitcoin seriously?”



The criticism targets Saylor’s CNBC comments where he said Strategy would refinance debt and keep buying Bitcoin even if it falls to $8,000. 



Saylor argued the company has 2.5 years of cash to cover debt without raising money and expects to buy Bitcoin “every quarter forever.”



Schiff also posted a long-term chart suggesting Bitcoin shows support around $10,000.



He paired this with criticism of Saylor’s commitment to refinance during downturns, implying further downside is likely.



Additionally, few days earlier, Schiff attacked Bitcoin’s performance versus gold. 



“Bitcoin is back below 13 ounces of gold—64% below its November 2021 high. People who sold gold to buy Bitcoin made a huge mistake,” he said.



<h3>The Refinancing Question</h3>



Schiff’s core argument centers on whether lenders would refinance Strategy’s debt if Bitcoin crashes to $8,000 and stays there. At that price, Strategy would hold Bitcoin worth far less than its debt obligations.



Saylor dismissed this scenario earlier on CNBC, saying “If you think it’s going to zero, we’ll deal with that. But I don’t think it’s going to $8,000.” 



He framed Strategy’s leverage as half the typical investment-grade company with “50 years worth of dividends in Bitcoin.”



However, the math gets ugly. Strategy holds 714,644 Bitcoin at a $76,056 average cost. At $8,000, those holdings would be worth $5.7 billion versus a $54.35 billion purchase cost—a $48.6 billion unrealized loss.



<h3>BTC Technical Reality</h3>



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Bitcoin is bouncing from the $62,000-$63,000 capitulation low. 



The Supertrend at $79,499 remains well above price in bearish mode. Critical support at $80,000-$85,000 was decisively broken, confirming severe technical damage.



Immediate support sits at $62,000-$65,000. 



Breaking below triggers panic selling toward $60,000 or potentially $55,000-$58,000. The RSI at 32.74 shows oversold conditions but no bullish divergence suggesting major reversal.



For recovery, Bitcoin needs to reclaim $70,000, then work toward $80,000-$85,000. Breaking above the Supertrend at $79,499 would signal stabilization.



Image: Shutterstock

MSTR

GBTC

Peter Schiff criticized Michael Saylor's plan to refinance debt with Bitcoin at $8,000, questioning Saylor's credibility if Bitcoin falls to that price. Schiff highlighted the potential for significant losses for Saylor's company, Strategy, which holds Bitcoin at a much higher average cost. Saylor, however, remains optimistic, asserting that the company can manage its debt without raising funds. Bitcoin's current technical situation shows it struggling below critical support levels, with potential further declines if it breaks below $62,000.

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Peter Schiff Blasts Michael Saylor's $8,000 Bitcoin Plan: 'Will Anyone Take You Seriously?'