Peter Schiff has renewed his criticism of MicroStrategy's Bitcoin strategy, highlighting the company's negative total return on its Bitcoin investments. Schiff claims that MicroStrategy has invested approximately $64 billion in Bitcoin over the past five years, yet the returns remain negative as of May 23. He argues that the company's STRC preferred stock structure relies on Bitcoin appreciating by 30% annually to sustain its 11.5% dividend, a target that has not been met. Schiff's critique focuses on the sustainability of MicroStrategy's financial obligations, suggesting that the required growth rate for Bitcoin is unrealistic given historical performance. He also points out that the ongoing issuance of STRC shares increases the threshold needed to cover dividends. Despite Schiff's assertions, some observers argue that MicroStrategy's Bitcoin holdings are sufficient to meet its dividend obligations, though Schiff disputes this, noting Bitcoin's failure to achieve even a 2.5% annual growth rate since the company's accumulation began. MicroStrategy continues its Bitcoin acquisitions, with CEO Michael Saylor defending the strategy's long-term potential.