Saylor Says BTC Annual Gains of 3.3% Can Pay Dividends Forever

—I couldn’t even laugh after hearing that

3.3%.

You read that right—not 33%, not 13%.

Yesterday, Strategy’s Michael Saylor told the whole world: as long as Bitcoin’s annualized growth exceeds 3.3%, capital appreciation can cover STRC preferred stock dividends indefinitely.

Even if Bitcoin’s annual growth is 0%, the company still has 31 years of dividend funds.

But there’s one detail Saylor didn’t mention.

First, the facts: what does 3.3% actually mean?

Strategy currently holds 843,775 Bitcoin, with $2.55 billion in cash reserves.

Preferred stock dividends already jumped to $229.5 million in Q1 2026, versus only $10.6 million in the same period last year. That’s a 20x increase year over year.

The annualized dividend obligations are now approaching $1.5 billion.

Saylor’s calculation is: if Bitcoin rises 3.3%, the appreciation portion on 850,000 BTC is enough to cover the dividend payments.

The math checks out. But in real life, people don’t run on math—people run on human nature.

Peter Schiff Pops the Bubble in One Sentence

Peter Schiff, who has long been bearish on Bitcoin, fired back immediately.

He said Saylor’s logic relies on the assumption that “dividend obligations won’t grow over time”—but the truth is that dividends are growing, and they will very likely keep growing.

The numbers you calculate today won’t be the same tomorrow.

The premise of Saylor’s model is that Bitcoin will grow at an average annualized rate of 3.3% in the long run.

But Bitcoin’s year-to-year fluctuations have never been gentle.

From 2026 to now, Bitcoin’s price is down 27.1%, MSTR’s stock price is down 32.3%, while the S&P 500 has risen 10.2%.

3.3%?

When Bitcoin has been falling for three straight years, what are you going to use to pay dividends?

Most ironically of all: Saylor is already slapping his own face

Just two days before he posted this tweet—on July 6—Strategy had just completed the largest Bitcoin sale in the company’s history.

3,588 BTC, raising about $216 million, to pay preferred stock dividends.

The average sale price was about $60,215.

Their average cost basis is $75,700.

They lose $15,000 for every BTC they sell.

Even after losing, they still sold—$55 million in losses.

What was Saylor’s persona over the past six years? “Never sell Bitcoin,” “Bitcoin is digital gold,” “HODL to death.”

On July 6, he personally overturned that persona.

Saylor’s model has a fatal assumption: that 3.3% is an “average” gain.

But dividends have to be paid every year.

What happens when a bear market hits? In the year when the coin price drops 50%, what do you use to pay? Keep selling coins? The more you sell, the fewer you have—and the less you can pay.

That’s a negative spiral.

Not to mention the preferred stock interest rate is still moving higher—currently 11.5% annualized, and it has been raised several times since issuance.

Interest is rising, coin prices are falling, and you’re selling.

This isn’t a cycle—it’s depletion.

3.3% is the math problem Saylor presents to investors, but Bitcoin’s chart has never done math.

When Strategy’s mNAV (Market Value to Net Asset Value ratio) has already dropped below 1—meaning the market values it lower than the actual value of its Bitcoin holdings—

If even Saylor himself is selling at a loss, why should you believe that 3.3% is enough?#预测世界杯法国VS摩洛哥 #特朗普宣布美伊停火结束 #蓝色起源启动百亿融资 $BTC $ETH $SOL