The market will suffer if MicroStrategy sells its bitcoins, says Hal Press

Although North Rock Digital is a company focused on cryptocurrency investments, the founder does not believe that MicroStrategy’s Bitcoin acquisition strategy is a good one.

In a series of tweets posted Friday, Hal Press said MicroStrategy’s plan is “comically stupid” to the point of being funny.

His comments came shortly after Michael Saylor’s company bought another 1,045 bitcoins. In total, MicroStrategy has 140,000 BTC in cash today, an amount equivalent to R$20.2 billion.

Executive is concerned about the sale of MicroStrategy bitcoins

The North Rock Digital founder also worried about the market reaction when MicroStrategy decides to sell its Bitcoin reserves.

“It won’t happen anytime soon (in my opinion at least several years), but eventually all of Saylor’s coins will have to be sold. When it finally comes, it will be a short career.”

As a counterpoint, one of his followers argues that MicroStrategy can keep its money in Bitcoin forever. In response, Hal Press wonders what will happen when Saylor gets too old.

While he didn’t immediately respond to his critic, Saylor has already stated that his strategy is to hold onto his bitcoins for more than a decade. Other excerpts also revealed that Bitcoin is a 100-year investment.

That is, it is possible that the billionaire will never lose his coins, especially with the evolution of the market, leaving them for the next generation.

Saylor critic calls MicroStrategy’s strategy stupid

Expanding on his criticisms, Hal Press also notes that MicroStrategy’s plan to buy all the bitcoins it can get is stupid.

“The idea of ​​acquiring a software company and using it to execute a “Bitcoin Acquisition Strategy” is so comically stupid it’s actually kind of funny. It will be so clear afterwards.”

Finally, it’s worth noting that MicroStrategy bought its 140,000 bitcoins for an average price of $29,803 each. So with Bitcoin price at $28,200, Saylor is still at a loss.

In any case, the billionaire remains convinced that the scarcity of Bitcoin and the inflation of fiat currencies are enough to make his investment profitable in the long run.

Source: Live Coins

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