It’s been a bruising week for Bitcoin, its advocates, and the broader crypto market—one that’s seen sharp price swings, public feuds, and the unmasking of vulnerabilities in both blue-chip and upstart digital assets. On November 17, 2025, two seismic stories collided: Peter Schiff, the ever-outspoken economist and longtime Bitcoin skeptic, reignited his feud with Michael Saylor’s Bitcoin-centric company Strategy (MSTR), while the lesser-known YU token, part of the Yala stablecoin project, suffered a dramatic liquidity crisis. Both episodes have sent ripples through a market already on edge.
Schiff’s latest salvo came as Bitcoin itself was already reeling. According to CoinMarketCap data cited by PANews, Bitcoin’s price slumped on Monday, November 17, dropping to $92,890 after failing to hold the $95,500 pivot—a critical breach that had traders on high alert. While the coin managed to claw back to $95,384 by press time, the damage was done, with a broader 10% weekly decline weighing heavily on sentiment.
Against this backdrop, Peter Schiff didn’t mince words. “MSTR’s entire business model is a fraud,” he declared, as reported by Cryptonews. “Regardless of what happens to Bitcoin, I believe MSTR will eventually go bankrupt.” Schiff, a gold investor with a reputation for sharp-tongued critiques, challenged Michael Saylor to a public debate at the upcoming Binance Blockchain Week in Dubai this December. The timing is no accident: with Strategy’s fortunes so closely tied to Bitcoin’s, the company’s recent struggles have given Schiff fresh ammunition in a feud that’s become something of a crypto sideshow.
It’s not the first time Schiff has sounded the alarm. Back in June 2025, he argued that Strategy’s marathon Bitcoin buying spree would look reckless when the next major downturn hit. “The coin’s price won’t stand up over time,” he warned, predicting that MSTR would fall with it. In recent weeks, that prophecy has seemed less far-fetched. According to Google Finance data cited by Cryptonews, MSTR’s stock has tumbled more than 19% in just five days, and nearly 30% over the past month. Experts point to Bitcoin’s flagging performance as a primary culprit, but there’s more: Strategy’s wallet moving massive BTC holdings to Coinbase has further rattled nerves, fueling speculation about the company’s liquidity and intentions.
Schiff’s criticisms go beyond market timing. In a detailed post on X, he took aim at the very structure of Strategy’s business. “MSTR’s business model relies on income-oriented funds buying its ‘high-yield’ preferred shares,” he wrote. But in his view, these yields “will never actually be paid.” He elaborated: “Dividends are only paid if MSTR decides to declare a dividend. But there is no requirement for MSTR to ever declare one, and there is no penalty for not doing so. Undeclared dividends don’t accumulate. They are lost forever.” Schiff argued this could trigger a “death spiral,” as the company would eventually be unable to issue more debt, leaving investors holding the bag.
Schiff hasn’t limited his critiques to Saylor and Strategy. He’s also taken his message directly to the heart of the crypto community, recently inviting Binance founder Changpeng Zhao—better known as ‘CZ’—to a debate on tokenized gold versus Bitcoin. The question at hand: which asset “best satisfies the conditions of money”? Zhao, never one to shy from a spirited exchange, replied that he was “in the mood for it.” For many, it’s a debate that cuts to the core of what digital assets are meant to achieve, and which—if any—deserve a place in the future of finance.
Despite Schiff’s warnings, Bitcoin has at times defied its critics. In early July 2025, the cryptocurrency soared to $111,999, outpacing silver—a comparison Schiff himself had invoked, urging investors to sell their BTC for the precious metal. By mid-August, Bitcoin had surged even higher, reaching $124,457. But as the latest downturn shows, volatility is never far away in crypto, and fortunes can change in the blink of an eye.
While the spotlight has often been on Bitcoin and its blue-chip backers, the past 24 hours have also exposed deep fragility in the sector’s smaller players. According to a November 17 report from PANews, the YU token—the native stablecoin of the Yala project—suffered a catastrophic drop. Priced at about $0.3709, YU plunged 38.79% in just one day. Its market capitalization hovered around $33.3 million, but liquidity was shockingly thin: only $1,400 as of the latest count.
Trading activity painted an equally stark picture. The total volume for YU in the previous 24 hours was a modest $12,400, with roughly 90% of that coming from the YU/USDC pair on Uniswap. The liquidity in that pool was just $977.6, a figure that underscores just how quickly confidence—and capital—can evaporate from these markets. For holders and would-be investors, it’s a sobering reminder that even projects boasting millions in market cap can be brought low by a crisis of confidence and a lack of trading depth.
The twin stories of Schiff’s public challenge and YU’s liquidity collapse reflect a crypto ecosystem at a crossroads. On one hand, major players like Michael Saylor’s Strategy have staked their reputations—and their balance sheets—on the long-term success of Bitcoin. On the other, a growing chorus of critics like Schiff warn that the sector’s very foundations are shakier than many care to admit. The collapse in YU’s liquidity, though less headline-grabbing than Bitcoin’s price swings, points to systemic issues that could haunt the market for some time.
Of course, not everyone shares Schiff’s pessimism. Many in the crypto community see downturns as par for the course—a necessary shakeout that weeds out weak hands and rewards true believers. For them, the volatility is a feature, not a bug, and the recent rebound in Bitcoin’s price is evidence of its enduring appeal. Still, even the most ardent optimists would be hard-pressed to ignore the warning signs flashing across both established and emerging corners of the market.
As the countdown to Binance Blockchain Week in Dubai begins, all eyes will be on whether Michael Saylor takes up Peter Schiff’s challenge for a live debate. With Changpeng Zhao also potentially entering the fray, the stage is set for a high-stakes showdown over the future of money, value, and trust in the digital age. Meanwhile, investors—large and small—will be watching the charts, wondering what fresh surprises tomorrow might bring.
For now, the message is clear: in crypto, fortunes can rise and fall in a heartbeat, and the only certainty is uncertainty itself.
