Bitcoin

Enterprise business intelligence (BI) software vendor MicroStrategy has so far purchased over 140,000 Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), largely due to the enthusiasm of its executive chairman and former CEO, Michael Saylor. However, not everyone thinks this is necessarily a good thing for the company.As it happens, Hal Press, the founder and CEO of the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a>-focused <a href="https://finbold.com/guides/investing/" rel="noopener noreferrer nofollow">investment</a> fund North Rock Digital, has voiced concern over MicroStrategy’s <a href="https://finbold.com/microstrategy-stock-rockets-by-100-in-2023-as-firm-buys-8800-btc-amid-2022-crash/" rel="noopener noreferrer nofollow">large purchases</a> of <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>, stating it was “comically stupid” to leverage a software company to this end in a series of tweets posted on April 8.Commenting on an April 5 <a href="https://twitter.com/BitcoinMagazine/status/1643624720598720513" rel="noopener noreferrer nofollow">tweet</a> by Bitcoin Magazine, in which the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto news</a> outlet had highlighted that “MicroStrategy now owns one out of 150 Bitcoin that will ever exist,” considering that the maximum supply of Bitcoin is 21 million, Press had <a href="https://twitter.com/NorthRockLP/status/1644480440256942081" rel="noopener noreferrer nofollow">this</a> to say:<blockquote>“It’s not gonna happen anytime soon (multiple years minimum IMO), but eventually, every single one of Saylor’s coins will need to be sold. When the time eventually comes, it will be a career-making <a href="https://finbold.com/guide/short-position/" rel="noopener noreferrer nofollow">short</a>.”</blockquote><h2 id="header-0">‘Comically stupid’ strategy</h2>In the following <a href="https://twitter.com/NorthRockLP/status/1644482588394782720" rel="noopener noreferrer nofollow">tweet</a>, he ridiculed Saylor’s strategy, arguing that “the idea of taking a software company and levering it to the gills to run a ‘Bitcoin acquisition strategy’ is so comically stupid it’s actually quite funny” and that it would “be so obvious in hindsight.”That said, Press <a href="https://twitter.com/NorthRockLP/status/1644493421803892736" rel="noopener noreferrer nofollow">insisted</a> that his view “genuinely isn’t a comment about Bitcoin,” but that “hijacking a public company and levering it to acquire any asset in a way that adds nothing to its core business just doesn’t make any sense.” As he added, “If he did it to buy <a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>, it would be just as silly IMO,” but admitting that it doesn’t mean “he won’t be profitable either, there is a chance he will be.”Indeed, it is no secret that Saylor is a vocal Bitcoin enthusiast, having <a href="https://finbold.com/microstrategys-saylor-hails-bitcoin-an-economic-engine-set-to-become-a-freedom-machine/" rel="noopener noreferrer nofollow">hailed</a> the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset as an “economic engine based on a truth machine poised to emerge as a freedom machine,” which is why he led MicroStrategy to <a href="https://finbold.com/microstrategy-mstr-outperforms-leading-traditional-assets-since-adopting-bitcoin-standard/" rel="noopener noreferrer nofollow">adopt</a> the Bitcoin strategy back in August 2020, as Finbold <a href="https://finbold.com/microstrategys-saylor-hails-bitcoin-an-economic-engine-set-to-become-a-freedom-machine/" rel="noopener noreferrer nofollow">reported</a> in October 2022.Meanwhile, Bitcoin was at press time trading at the price of $28,373, up 1.59% on the day, as well as gaining 0.48% across the previous week and as much as 40.49% on its monthly chart. This means that the current value of MicroStrategy’s Bitcoin bid stands at close to a staggering $4 billion ($3,972,220,000).Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

MicroStrategy’s Bitcoin tactic is ‘comically stupid,’ says North Rock Digital founder

Table of Contents

Finbold

Other articles published on Apr 12, 2023

The Law Protecting Bitcoin and Crypto Mining in the US State of Montana Passed by the House and S...

MEA to Experience Skyrocketing AI Spending Growth, with UAE and KSA Leading the Charge

Less than 1% of staked Ether to sell after Shanghai upgrade

Web3 Antivirus 0.6: Fair NFT Prices, Easier Listing & Site Verification, Automated Conversion

Introducing OK Discord’s Exciting Incentives Program: Join Now, Rank Up and Earn Rewards!

Elon Musk Has Done It Again: Price Jump With Dogecoin Tweet!

Join our free newsletter for daily crypto updates!