- December 25, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post Top Angel Investor Warn Against MicroStrategy Buying Too Much Bitcoin appeared first on Coinpedia Fintech News
Jason Calacanis, the “World’s Greatest Angel Investor,” shared his thoughts on MicroStrategy’s plans to buy even more Bitcoin. Calacanis warned that Bitcoin’s core principle of decentralization could be compromised if a single entity holds too much of the digital asset. In the meantime, bitcoin price has recorded a 4% gain in the last 24 hours with the market cap hitting $1.94 trillion.
MicroStrategy Bold Plan Buy ALL Bitcoin
MicroStrategy, led by Michael Saylor, has been one of Bitcoin’s biggest supporters, steadily growing its holdings. The company recently bought 5,262 BTC for $561 million, paying an average price of $106,662 per Bitcoin. This brings MicroStrategy’s total Bitcoin holdings to an impressive 444,262 BTC.
Despite holding about 2.2% of Bitcoin’s total supply, the firm’s recent statement about wanting the ability to issue enough shares to buy all the Bitcoin in circulation has sparked concerns.
Saylor has made it clear that his ultimate goal is to own $3 trillion worth of Bitcoin. He also believes that MicroStrategy’s market cap could rise to $10 trillion. This strategy isn’t just about growing the company’s asset base. It’s also a calculated move to boost their investment in Bitcoin,
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The Warning on Bitcoin’s Ownership
Meanwhile, Jason Calacanis voiced his worries, pointing out the risks of one entity owning too much Bitcoin. He warned that Bitcoin’s reputation as a decentralized financial tool could be at risk. He thinks that if one company owns 10% or more of all Bitcoin, it could make people feel Bitcoin is no longer fair.
“You break the game of Bitcoin if any one individual owns too much—I’m guessing that number is like 10%,” he said.
Calacanis believes that if MicroStrategy’s dominance grows further, it could lead to mistrust. If Bitcoin feels controlled by one person or group, where will people go? He suggested that users might leave Bitcoin and look for another cryptocurrency that feels more fair and decentralized.
This is a big worry since Bitcoin’s strength lies in being open and equal for everyone.
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Bitcoin’s Price Update
Recently, Bitcoin’s price has seen a significant rise, going from $95K to $98,314, marking a 4% increase in just 24 hours. This could mean that Bitcoin is about to test the $100K resistance again. If it breaks through this level, it might soon reach its all-time high.
However, despite the price surge, the Bitcoin ETF market experienced a notable outflow of $338.4 million on December 24, 2024. The biggest contributors to this outflow were IBIT, with a negative flow of $188.7 million, and FBTC, with a negative flow of $83.2 million.
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FAQs
MicroStrategy is a business intelligence company that offers analytics and data-driven solutions, led by CEO Michael Saylor.
MicroStrategy invests heavily in Bitcoin as part of a strategy to strengthen its balance sheet and capitalize on Bitcoin’s potential for growth.
MicroStrategy currently holds 444,262 BTC, making it one of the largest corporate Bitcoin holders globally.
