MicroStrategy is one of the agencies that purchased bitcoin in the recent past and as a result, their purchase is influencing the crypto market as a whole. In this article, we will discuss the effects of this purchase made by MicroStrategy on the crypto ecosystem and will try to remove doubts about the same. So, let us start the journey!
This is a software analytics company that has shown its interest in bitcoin and allied crypto assets. As the working of this company is mostly in the soft sector, so to be in the crypto business is a concern of discussion. In a recent development, this company successfully added some more bitcoins to its holdings. As this move came at a time of surprise, as the crypto market is fluctuating to new heights and it has not behaved this way in the past. So, this move by the company welcomed a series of mixed reactions over it. The official announcement of this move was made by its executive chairman Michael Saylor that in his tweet said that the firm has successfully made a bitcoin purchase of secondary nature. As a result, the total bitcoin holdings of the company rose to 132,500 and the purchase total came to be worth $4.03 billion. The written amount is $2.1 billion and this was the commencement of inviting mixed reactions over the same.
Reactions to the move
Many members of the same community hailed the decision whereas some of them even ridiculed the action. One of the community members designated Michael Saylor as a rockstar and celebrated the company’s move. Those who ridiculed the step are not much enthusiastic about the company’s crypto purchase. According to them, this move can set a new low for the crypto asset that is already behaving in a low tone. Many analysts like some famous members of bitcoin analysis named Willy Woo and Dan Held also delivered their reactions towards this step of MicroStrategy. According to them, if a company aims to have more holdings, a bitcoin analyst should never welcome this step and should never celebrate the same. Their overall thinking stops at the point where it is delivered that if more holdings are in operation, more chances of crypto assets becoming centralized one is a possibility.
Counter reactions to the analysts
Just like above, some users started opposing even these analysts, which according to them are creating a fake scenario in the mind of crypto enthusiasts. The analyst named Held countered the above-discussed views of Willy and said there is no question of becoming centralized on vaping more holdings. According to him, bitcoin is based on decentralized technology and there is no chance in the entire digital chain that this thing will be made centralized. Thus, if we considered Hold’s postulations to be true, we will say that Woo is hypothetically tarnishing the image of bitcoin and the entire crypto platform as a whole. Despite these reactions, the company is planning its new moves and will surely surprise these enthusiasts with their new moves.