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

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