MicroStrategy’s Bitcoin tactics are ‘comically stupid,’ says North Rock Digital founder
Enterprise Business Intelligence (BI) software provider MicroStrategy has so far bought over 140,000 Bitcoin (BTC), largely due to the enthusiasm of its Executive Chairman and former CEO, Michael Saylor. However, not everyone believes that this is necessarily a good thing for the company.
Hal Press, founder and CEO of cryptocurrency-focused investment fund North Rock Digital, has expressed concern over MicroStrategy’s large purchase of Bitcoin, stating that it was “comically stupid” to exploit a software company for this purpose in a series. of tweets posted on April 8.
Commenting on April 5 chirping of Bitcoin Magazine, where the crypto news had highlighted that “MicroStrategy now owns one of 150 Bitcoin that will ever exist,” considering that the maximum supply of Bitcoin is 21 million, Press had this to say:
“It’s not going to happen anytime soon (several years minimum IMO), but eventually every single one of Saylor’s coins will have to be sold. When the time finally comes, it will be a short career.
‘Comically stupid’ strategy
In the next ones chirpinghe ridiculed Saylor’s strategy, claiming that “the idea of taking a software company and bringing it to the gills to run a ‘Bitcoin acquisition strategy’ is so comically stupid that it’s actually quite funny” and that it would “be so obvious in retrospect .”
Having said that, Press insisted that his views “really aren’t a comment on Bitcoin” but that “hijacking a public company and taking it over to acquire every asset in a way that doesn’t add anything to the core business just doesn’t make sense.” As he added, “If he did it to buy ETH, it would be just as stupid IMO,” but admitting that doesn’t mean “he won’t be profitable either, there’s a chance he will be. “
Indeed, it’s no secret that Saylor is a vocal Bitcoin enthusiast, having hailed the flagship decentralized finance (DeFi) asset as an “economic engine based on a truth machine poised to emerge as a freedom machine,” which is why that he led MicroStrategy to adopt the Bitcoin strategy back in August 2020, as Finbold reported in October 2022.
Meanwhile, at press time Bitcoin was trading at $28,373, up 1.59% on the day, as well as up 0.48% over the previous week and a whopping 40.49% on the monthly chart. This means that the current value of MicroStrategy’s Bitcoin bid is close to a staggering $4 billion ($3,972,220,000).
