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MicroStrategy buys more Bitcoin – community has mixed views

MicroStrategy increased its Bitcoin holdings by 2,500 BTC to 132,500 BTC, currently worth around $2.2 billion.

MicroStrategy has recently bought more Bitcoin despite the raging bear market. While some members of the crypto community reacted very positively to this purchase, others took a more critical stance. 

MicroStrategy bought an additional 2,500 BTC

Michael Saylor, executive chairman of MicroStrategy, recently tweeted about the company’s latest Bitcoin purchase. This brings the company’s total Bitcoin holdings to 132,500 BTC, purchased at approximately $4.03 billion.

Also read: New “Running Bitcoin” charity to help with ALS research

However, 132,500 bitcoins are now worth only $2.2 billion, being almost at a 50% loss as the average price for acquired Bitcoin is $30,397. Some members of the crypto community showed scepticism toward this move, while others praised the initiative.

People’s opinions vary

Willy Woo and Dan Held, two Bitcoin analysts, discussed MicroStrategy’s purchase. If you’re a Bitcoiner, Woo says you shouldn’t be thrilled if the corporation increases its Bitcoin holdings. 

Since the company’s decisions are centralized, the analyst worried that MicroStrategy amassing more Bitcoin would increase the company’s danger of centralization. Woo also argued that adoptions by regular people should be celebrated more than those from corporations. 

On the other hand, Mike Alfred said he loved to hear this and will join Saylor’s decision by buying some bitcoins himself. Others stated, rather more whimsically “Hey man save some for the rest of us,” or “LOL at everyone selling his Bitcoin to Saylor.” 

Read more: Jim Cramer heavily criticizes crypto – bottom signal?

Some even said thanked him from a sell signal. While opinions on Saylor’s decision differ vastly, the fact is that people continue to accumulate Bitcoin regardless of its price development. 

Bottom line

This article shows that the number of Bitcoin addresses holding at least 0.1 BTC increased from 3 million to 4 million this year. While centralization may be bad for Bitcoin, it is almost mission impossible.

In my opinion, an entity would have to hold at least a few percent worth of BTC to cause trouble, and Saylor is running out of cash to purchase additional bitcoins.

I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...


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