Gold investor Peter Schiff called Strategy\u2019s business model, which hatched the biggest Bitcoin (BTC<\/a>) treasury company in the world, a \u201cfraud\u201d on Sunday and challenged the company\u2019s founder, Michael Saylor, to a debate.\u00a0<\/p>\n Schiff, who is one of crypto and Bitcoin\u2019s harshest critics<\/a> and a staunch gold advocate<\/a>, challenged<\/a> Saylor to a debate at Binance Blockchain Week in Dubai, United Arab Emirates (UAE), in December. In a separate X post<\/a>, Schiff argued:<\/p>\n \u201cMSTR\u2019s business model relies on income-oriented funds buying its \u2018high-yield\u2019 preferred shares. But those published yields will never actually be paid. Once fund managers realize this, they\u2019ll dump the preferreds.\u201d<\/p><\/blockquote>\n Once this happens, Strategy will no longer be able to issue more debt, sparking a \u201cdeath spiral,\u201d Schiff continued.<\/p>\n Schiff’s challenge and negative outlook on Bitcoin and the broader crypto industry came amid Bitcoin falling below the $99,000 level<\/a> and a general downturn in the crypto treasury sector<\/a>, as gold reclaimed price levels above $4,000.<\/p>\n Related: <\/strong><\/em>CZ calls Peter Schiff\u2019s tokenized gold a \u2018trust me bro\u2019 asset<\/strong><\/em><\/a><\/p>\n The price of BTC is down over 20% from its all-time high above $125,000 reached in October, days before the flash crash on October 10 <\/a>that wiped away tens of billions in value from the crypto market.<\/p>\n Strategy\u2019s mNAV, its multiple on net asset value, or the monetary premium reflected in the company\u2019s stock price over its underlying BTC holdings, dipped below 1 in November<\/a> but has rebounded to 1.21 at the time of this writing, according<\/a> to the company.<\/p>\n Despite the modest rebound, an mNAV of 1.21 is still relatively low; investors consider a healthy mNAV for a treasury company to be 2 or higher. Strategy\u2019s stock is down by over 50% since July and is trading at about $199 at the time of this writing.<\/p>\nBitcoin and Strategy suffer while gold remains above key $4,000 support <\/h2>\n