MicroStrategy, a software analytics company, recently increased its Bitcoin holdings. The move elicited mixed reactions from the crypto community.
In a recent tweet, MicroStrategy’s executive chairman, Michael Saylor, announced another Bitcoin purchase. The transaction brings the firm’s total BTC holdings to 132,500 BTC, which were purchased for a total of $4.03 billion but are only worth around $2.1 billion at the time of writing. Many praised the decision, while others raised concerns about its potential negative consequences.
A community member praised the MicroStrategy chairman, describing him as a “rock star” whose mission is to bank the unbanked. Others reacted to the new development by promising to join the train and buy more bitcoin.
Reactions Accompanying the Move
However, not everyone is particularly excited about the company’s cryptocurrency shopping spree. Some believe this new action could lead to a new bottom price for the top digital asset.
Bitcoin analysts Willy Woo and Dan Held discussed MicroStrategy’s acquisition on Twitter in a back-and-forth. Bitcoiners, according to Woo, should be concerned if the company adds more BTC to its holdings. Since MicroStrategy’s decision-making is centralized, the analyst argued that accumulating more Bitcoin poses risks of centralization. Furthermore, Woo noted that it is preferable to celebrate adoption by ordinary people.
Held countered that there would be no risks of centralization because ownership does not imply network control. The analyst emphasized that there is no way to control who buys bitcoin and that individuals or businesses can purchase as much BTC as they want.
Microstrategy Plans to Offer Lightning Solutions
Saylor recently announced plans to offer Lightning Network solutions in the coming year. According to the chief executive, the company is already looking into software and solutions that use the Lightning Network.
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