Many praised the move, while others brought up some potential negative effects of one entity holding a lot of Bitcoin. 4240 Total views 30 Total shares Listen to article 0:00 News Ho-ho-ho! Get Limited Holiday Trait!Collect this article as an NFT Software analytics company MicroStrategy recently added more Bitcoin (BTC) to the firms holdings. Members of the crypto community had mixed reactions to the move.
In a recent tweet, MicroStrategys executive chairman Michael Saylor announced that the firm had made another Bitcoin purchase. The move puts the firms total BTC holdings at 132,500 BTC, purchased for a total of $4.03 billion but worth only around $2.1 billion at the time of writing. Many commended the move, while some brought up some potential negative effects.
Michael Saylor, you are a rock star. Your mission Jim aka Michael Saylor, if you choose to accept it, is to bank the unbanked throughout the world.— The Young Gentleman (@YoungGentlaman) 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.
However, not everyone is overly enthusiastic about the companys crypto shopping. Some thinkthis new action could potentially spark a new bottom price for the top digital asset.
In a back-and-forth conversation on Twitter, Bitcoin analysts Willy Woo and Dan Held shared their thoughts on MicroStrategys purchase. According to Woo, Bitcoiners should not be happy when the company adds more BTC to its holdings. The analyst argued that MicroStrategy accumulating more Bitcoin poses risks of centralization because the companys decision-making is centralized. In addition, Woo suggested that its better to celebrate adoption by ordinary people.
In a counter-argument, Held said there would be no risks of centralization because ownership does not equate to network control. The analyst highlighted that theres no way to control who buys Bitcoin and that people or firms can buy as much BTC as they want.
Related: Wife of Hal Finney announces Bitcoin charity event
Meanwhile, Saylor recently announced the companys plans to provide Lightning Network solutions next year. The executive said that the company is already looking into software and solutions that utilize the Lightning Network. #Bitcoin #Twitter #Business #Community #Lightning Network #MicroStrategy Related News The biggest crypto heists of all time Which celebrities joined and left crypto in 2022? What is the best crypto use case? Community answers Bitcoin advocate dishes out sats over Lightning Network to raise BTC awareness Crypto spam bots go silent as Musk promises to prosecute scammers
