Gold investor Peter Schiff called the business model of Strategy a "fraud" on Sunday and challenged the company's founder, Michael Saylor, to a debate. Strategy has incubated the world's largest Bitcoin (BTC) treasury company.

Schiff, one of the harshest critics of cryptocurrency and Bitcoin, as well as a staunch advocate for gold, invited Saylor to debate at the Binance Blockchain Week in Dubai, United Arab Emirates, in December. In another post on X, Schiff argued:

Schiff continued, stating that once this happens, Strategy will no longer be able to issue more debt, triggering a "death spiral."

Schiff's challenge and his negative outlook on Bitcoin and the broader cryptocurrency industry come as Bitcoin falls below the $99,000 level, with the cryptocurrency treasury sector generally declining, while gold has regained a price level above $4,000.

The price of BTC has dropped over 20% from its historical high of over $125,000 reached in October, just days before the flash crash on October 10, which wiped out hundreds of billions of dollars in value from the cryptocurrency market.

According to the company's data, Strategy's mNAV, or its net asset value multiple, which reflects the company's stock price relative to the currency premium of its held BTC, fell below 1 in November but has rebounded to 1.21 at the time of writing.

Despite the slight rebound, the mNAV of 1.21 remains relatively low; investors believe a healthy mNAV for a treasury company should be 2 or higher. Strategy's stock has dropped over 50% since July, trading at around $199 at the time of writing.

Meanwhile, despite briefly falling below this psychological support level, gold has successfully maintained the $4,000 per ounce level, trading at approximately $4,085 per ounce at the time of writing.

Gold reached a historical high of about $4,380 per ounce in October, with its market capitalization swelling to over $30 trillion, before retreating to the current price.

Related: Stay Calm: Bitcoin (BTC) Whales Are Selling, But It's Not a "Sudden Escape"

Original article: “Peter Schiff Calls Strategy Model a ‘Fraud,’ Challenges Saylor to Debate”

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