Post
Topic
Board Bitcoin Discussion
Re: Why is Microstrategy vilified by some?
by
Smartprofit
on 01/12/2024, 20:16:56 UTC
Not by no-coiners or people who missed buying the dip, but actual HODLers like us.

Even though Michael Saylor is buying as much bitcoin as he can, some people don't seem to like him at all, and it shows for example on Telegram channels and sometimes X/Twitter.

As far as I understand, Michael Saylor has spoken out in favor of centralized storage of Bitcoin.

This is exactly why old Bitcoin holders criticize him. The main value of Bitcoin is decentralization. Decentralization consists of three aspects - decentralization of mining, decentralization of development and decentralization of storage. Michael Saylor and Microstrategy aim to accumulate 1,000,000 Bitcoins. Will this be good for Bitcoin decentralization? I highly doubt it.

Microstrategy's capitalization is much higher than the capitalization of the Bitcoins they have on their balance sheet. How can this even be? In the world of Wall Street finance, anything is possible, but derivatives will destroy the value of the first cryptocurrency in the long term.

This is why old Bitcoin holders have very mixed feelings about Michael Saylor.