Top Angel Investor Warn Against MicroStrategy Buying Too Much Bitcoin

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Jason Calacanis, the “World’s Greatest Angel Investor,” shared his thoughts on MicroStrategy’s plans to buy even more Bitcoin. Calacanis warned that Bitcoin’s core principle of decentralization could be compromised if a single entity holds too much of the digital asset. In the meantime, bitcoin price has recorded a 4% gain in the last 24 hours with the market cap hitting $1.94 trillion.

MicroStrategy Bold Plan Buy ALL Bitcoin

MicroStrategy, led by Michael Saylor, has been one of Bitcoin’s biggest supporters, steadily growing its holdings. The company recently bought 5,262 BTC for $561 million, paying an average price of $106,662 per Bitcoin. This brings MicroStrategy’s total Bitcoin holdings to an impressive 444,262 BTC.

Despite holding about 2.2% of Bitcoin’s total supply, the firm’s recent statement about wanting the ability to issue enough shares to buy all the Bitcoin in circulation has sparked concerns.

Saylor has made it clear that his ultimate goal is to own $3 trillion worth of Bitcoin. He also believes that MicroStrategy’s market cap could rise to $10 trillion. This strategy isn’t just about growing the company’s asset base. It’s also a calculated move to boost their investment in Bitcoin,

Michael Saylor says he’s going to keep raising billions in cheap capital until MicroStrategy owns at least $3 trillion in Bitcoin and has a market cap of $10 trillion dollars.

A $10 trillion market cap is a 120x from here. pic.twitter.com/zb1ll55sAG

— The ₿itcoin Therapist (@TheBTCTherapist) December 6, 2024

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The Warning on Bitcoin’s Ownership

Meanwhile, Jason Calacanis voiced his worries, pointing out the risks of one entity owning too much Bitcoin. He warned that Bitcoin’s reputation as a decentralized financial tool could be at risk. He thinks that if one company owns 10% or more of all Bitcoin, it could make people feel Bitcoin is no longer fair.

you break the game of bitcoin if any one individual owns too much — I’m guessing that number is like 10%

If $mstr acquires too much, everyone will rightfully think they’re working for @saylor, resent him deeply and move on to another more fair “game”

Which “game” would they… pic.twitter.com/pLNGiXAQEG

— @jason (@Jason) December 24, 2024

“You break the game of Bitcoin if any one individual owns too much—I’m guessing that number is like 10%,” he said.

Calacanis believes that if MicroStrategy’s dominance grows further, it could lead to mistrust. If Bitcoin feels controlled by one person or group, where will people go? He suggested that users might leave Bitcoin and look for another cryptocurrency that feels more fair and decentralized.

This is a big worry since Bitcoin’s strength lies in being open and equal for everyone.

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Bitcoin’s Price Update

Recently, Bitcoin’s price has seen a significant rise, going from $95K to $98,314, marking a 4% increase in just 24 hours. This could mean that Bitcoin is about to test the $100K resistance again. If it breaks through this level, it might soon reach its all-time high.

However, despite the price surge, the Bitcoin ETF market experienced a notable outflow of $338.4 million on December 24, 2024. The biggest contributors to this outflow were IBIT, with a negative flow of $188.7 million, and FBTC, with a negative flow of $83.2 million.