SCHIFF STILL DOESN’T UNDERSTAND — “ANY IDEAS WHAT’S PROPPING IT UP?”
Peter Schiff, 1:53 PM ET: "I’m not sure why Bitcoin didn’t sell off today, but the rally gives HODLers another opportunity to sell. Any ideas what’s propping it up? Remember, $65K is resistance. There isn’t much upside above that level, but plenty of downside below." The market was already answering.
The rally he can’t explain is the rally that priced Strategy’s morning 8-K. Zero Bitcoin sold. $132M of STRC preferred retired at $95.20 per $100 par. $16.7M per year of perpetual dividend obligation killed. USD Duration extended to 2.8 years. The market read the trade — cap-structure engineering that leaves the stack fully invested is a bullish signal for the network — and Bitcoin held. Schiff’s framework doesn’t have a slot for that.
The Capitalist read. The market has now watched Strategy demonstrate that BTC-collateralized capital-structure discipline is a durable model. Schiff’s framework treats every capital-markets move as “must be selling Bitcoin” — because his framework has no language for cap-structure engineering without asset liquidation. Today he asked, out loud, for someone to explain what he was seeing. That’s the framework failing in public.
The trapped position. Schiff has been calling top on Bitcoin since $1,000. Today he called $65K resistance, warned of “plenty of downside below,” and asked “any ideas what’s propping it up?” The rally he can’t explain is the same rally he’s been asking to sell into for a decade. The market has been answering the same way the whole time: not selling. This is what a Counter-Voice trapped-position looks like when the tape defies the thesis for the tenth year running.
THE POST — @PETERSCHIFF, 1:53 PM ET, AUG 17
“I’m not sure why Bitcoin didn’t sell off today, but the rally gives HODLers another opportunity to sell. Any ideas what’s propping it up? Remember, $65K is resistance. There isn’t much upside above that level, but plenty of downside below.”
— 68K views, 437 likes, 283 replies, 52 RTs as of ship time.
• Same-day context: Strategy 8-K filed pre-market disclosed capital-only week — zero BTC sold, $132M STRC repurchase, $150M added to USD Reserve, USD Duration extended to 2.8 yrs. See this morning’s Strategy 8-K story.
• Same-day context 2: Saylor + Le hosted a live investor Q&A at 12 PM ET moderated by Natalie Brunell. 1M+ views on the Digital Assets Monetary Spectrum slide alone.
• Schiff’s framework predicts: sell-off. Reality delivered: hold. Confusion is the receipt.
— 68K views, 437 likes, 283 replies, 52 RTs as of ship time.
• Same-day context: Strategy 8-K filed pre-market disclosed capital-only week — zero BTC sold, $132M STRC repurchase, $150M added to USD Reserve, USD Duration extended to 2.8 yrs. See this morning’s Strategy 8-K story.
• Same-day context 2: Saylor + Le hosted a live investor Q&A at 12 PM ET moderated by Natalie Brunell. 1M+ views on the Digital Assets Monetary Spectrum slide alone.
• Schiff’s framework predicts: sell-off. Reality delivered: hold. Confusion is the receipt.
The rally he can’t explain is the same one he’s been asking to sell for a decade.
The market keeps answering the same way.
The cap is still twenty-one million.
The market keeps answering the same way.
The cap is still twenty-one million.
@PeterSchiff on X · Aug 17 2026 1:53 PM ET · 68K views at ship time