MicroStrategy’s Bitcoin Tactic Is “Comically Stupid”, Says North Rock Digital Founder

Enterprise business intelligence (BI) software provider MicroStrategy has so far purchased over 140,000 Bitcoin (BTC), largely thanks to the enthusiasm of its executive chairman and former CEO, Michael Saylor. However, not everyone thinks this is necessarily a good thing for the company.

It turns out that Hal Press, the founder and CEO of the cryptocurrency-concentrate investment North Rock Digital fund, expressed concern about MicroStrategy big purchases of Bitcoinstating that it was “comically stupid” to leverage a software company for this purpose in a series of tweets posted on April 8.

Commenting on an April 5 Tweeter by bitcoin magazine, in which the crypto news outlet had pointed out that “MicroStrategy now owns one out of 150 Bitcoin that will ever exist,” considering that the maximum Bitcoin supply is 21 million, Press had This say:

“It’s not going to happen anytime soon (several years minimum IMO) but eventually every one of Saylor’s pieces will have to be sold. When the time comes it will be a career short.”

“Comically stupid” strategy

In the following Tweeterhe ridiculed Saylor’s strategy, arguing that “the idea of ​​taking a software company and leveraging it to run a ‘Bitcoin acquisition strategy’ is so dumb it’s actually quite funny” and that it would be “so obvious in hindsight”. ”

That said, press insisted that his view “is genuinely not a commentary on Bitcoin”, but that “hijacking a public company and exploiting it to acquire an asset in a way that adds nothing to its core business simply does not any sense”. As he added, “If he did it to buy ETHthat would be equally stupid IMO”, but admitting that doesn’t mean “it won’t be profitable either, there’s a chance it will”.

Indeed, it’s no secret that Saylor is a bitcoin enthusiast, having greeted the flagship of decentralized finance (Challenge) asset as “an economic engine based on a truth machine about to emerge as a freedom machine”, which is why it led MicroStrategy to adopt the Bitcoin strategy in August 2020, like Finbold reported in October 2022.

Meanwhile, Bitcoin was at press time priced at $28,373, up 1.59% on the day, as well as gaining 0.48% the previous week and as much as 40.49% on its monthly chart. This means that the current value of MicroStrategy’s Bitcoin supply is nearly $4 billion ($3,972,220,000).

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