Bitcoin Yield Collapse Raises Concerns About MicroStrategy's Strategy

MicroStrategy's core investment thesis is facing significant challenges, according to Peter Schiff. The company's Bitcoin yield has plummeted from 13.3% to just 4.5% in two months, representing a 66% crash.

This decline in yield means that the capital structure designed to accumulate Bitcoin is now cannibalizing itself to service debt, even forcing the sale of thousands of BTC. The rate at which the yield is falling suggests that it will turn negative by 2026 if current trends continue.

Peter Schiff's statement raises questions about the long-term viability of MicroStrategy's strategy and whether Michael Saylor's playbook is finally failing or if this is just a temporary dip in the market.