- Bitcoin analyst Willy Woo warns bitcoiners on MicroStrategy’s bitcoin haul.
- Woo cautioned that it may pose centralization dangers for Microstrategy.
- Bitcoin educator Dan Held, nonetheless, denies the centralization dangers.
Bitcoin analyst Willy Woo cautioned bitcoiners in opposition to celebrating MicroStrategy’s accumulation of bitcoin. He said that it poses centralization dangers because the decision-making is centralized, although it’s a publicly traded and owned agency.
Woo additionally careworn that bitcoiners ought to rejoice its adoption by odd individuals who use it to resolve issues. Bitcoin educator Dan Held, nonetheless, didn’t agree with Woo’s assertion. In line with Held, there are not any dangers of centralization as a result of coin possession supplies no management over the community.
Held additionally said that:
Additionally, it’s a free market, and folks or firms can purchase as a lot as they need.
Woo had an argument in opposition to Held’s assertion, which claimed that if whales management an asset, customers might be rugged. He additionally quoted an occasion the place the US authorities purchased 50% of BTC. Held argued that it’s irrelevant as a result of nobody has management over who buys bitcoin. He additionally continued his assertion by mentioning that it could be nice if the US authorities purchased BTC.
Not too long ago, MicroStrategy revealed that over the earlier two months, it had spent greater than $55 million buying almost 2,500 bitcoins. After these transactions, Microstrategy now owns about 132,500 bitcoins.
MicroStrategy has been one of many largest companies that has all the time been pro-Bitcoin. The agency stored accumulating Bitcoin with no intention of promoting it within the close to future. BTC is buying and selling at $16,512 at press time, with a 0.23% drop in worth over the past 24 hours. It is usually 76% down from its all-time excessive of $68.789.63 in November 2021.