Many have praised the move by MicroStrategy to acquire more Bitcoin (BTC) while others brought up some possible negative effects of one entity holding lots of Bitcoin.
The software analytics firm recently added more BTC to the company’s holdings. Members of the crypto community had mixed reactions to this move.
In a recent tweet, MicroStrategy’s executive chairman Michael Saylor confirmed that the company had made another Bitcoin purchase. This move puts the company’s total BTC holdings at 132,500 BTC, acquired for a total of $4.03 billion but worth just about $2.1 billion at the time of publication. Many commended this move, while some brought up some possible negative effects.
MicroStrategy has increased its #Bitcoin Holdings by ~2,500 #BTC. As of 12/27/22 @MicroStrategy holds ~132,500 bitcoin acquired for ~$4.03 billion at an average price of ~$30,397 per bitcoin. $MSTRhttps://t.co/lcMeULcGQk
— Michael Saylor⚡️ (@saylor) December 28, 2022
A community member praised the MicroStrategy chairman, calling him a ‘rock star’ whose mission is to bank the unbanked. Others celebrated the new development by pledging that they would join in and buy more Bitcoin themselves.
But, not everybody is majorly enthusiastic about the firm’s crypto shopping. Some believe this new action could possibly spark a new bottom price for the biggest digital asset.
In a back-and-forth conversation on Twitter, Bitcoin analysts Dan Held and Willy Woo shared their thoughts on MicroStrategy’s purchase. Based on Woo, Bitcoiners should never be happy when the firm adds more BTC to its holdings. The analyst insisted that MicroStrategy accumulating more Bitcoin poses growing risks of centralization since the firm’s decision-making is centralized. Also, Woo said that it is always better to celebrate adoption by ordinary people.
Buy Bitcoin NowIn his counter-argument, Held stated that there would be no risks of centralization since ownership does not equate to network control. He highlighted that there is no way to control who acquires Bitcoin and that people or companies can purchase as much BTC as they want.
In the meantime, Saylor recently unveiled the firm’s plans to offer Lightning Network solutions in 2023. The executive stated that the firm is currently looking into software and solutions that use the Lightning Network.
