Industry Concerns Grow Surrounding MicroStrategy’s Massive Sum BTC Investments
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Over the past few months, MicroStrategy has been one of the biggest institutions to get heavily involved in the crypto industry and particularly, bitcoin. They bought more than 21,000 of the leading crypto coins back in August and not too long after, many predicted that this was just the start of the company getting involved with the industry as it went on to acquire more than 16,700 bitcoins in the month following.
Concerns were growing about MicroStrategy and its involvement with the industry as to how it would impact the bitcoin ecosystem. Now, this concern is turning into worry as the most recent announcement from the company has noted these fears more than ever. Many people are now sceptical about the future MicroStrategy has within the ecosystem.
An acquisition of such a massive sum but it will not be the company's last investment in the asset.
The reason for such a worry though is that moves like this could have an impact of dampening the market. One analyst in particular, Joseph Young has got mixed feelings on how regulators might react to Microstrategy purchase of such a massive amount of bitcoin.
Michael Saylor, the founder of MicroStrategy has made it clear that he is an advocate for bitcoin as he has taken to Twitter in the past to show his excitement on the cryptocurrency and also added that his company got there just-in-time and that they will be sticking around.