Compass Investments

– Michael Saylor, founder of a business analytics giant who later became a major buyer of Bitcoin, has drawn considerable criticism over the past two weeks for selling 32 BTC from his total holdings.

Contrary to the assumptions of some skeptics, this was not a sign of capitulation. The sale was driven by the need to redeem preferred shares, including the payment of dividends on all series of the companys shares.

Nevertheless, over the course of about a week after that, the cryptocurrencys price plummeted: from over $75,000 (the price at the time of the sale), it fell to a 19-month low of $59,100. Although other factors contributed to this sell-off, some believe that MicroStrategys decision may have sparked panic.

This prompted a number of prominent figures, including Jim Cramer, to publicly accuse Saylor and MicroStrategy of their alleged role. The companys former CEO responded quickly, explaining in a recent speech that he never claimed MicroStrategy would not sell if necessary. However, he remains convinced that individuals should not sell.

Lyn Alden also disagreed with Cramers assertion that MicroStrategy could single-handedly kill Bitcoin. She noted that if a cryptocurrency and its underlying network could be destroyed by a single organizations purchase, then it wasnt meant to be.

If all it takes to destroy Bitcoin is a single optimistic organization that loves it so much its willing to buy it, then we can all go home, she said.

Samson Mow, CEO of Jan 3 and a longtime Bitcoin advocate, supported Aldens position. In a comment under the original post, he expressed the view that BTC is not a Proof-of-Stake system; it allows corporations and nation-states to buy it, since ownership does not grant control.

How will the expiration of $2.2 billion in Bitcoin options affect spot markets today?

Moreover, he added that Bitcoin was designed specifically for this purpose.

Bitcoin is not a Proof-of-Stake system. Corporations can buy it. Governments can buy it. Ownership does not grant control. Bitcoin was designed specifically for this purpose.

Jordan entered the crypto industry in 2016, working in trading and investing. In 2017, he began writing about blockchain technology and now serves as assistant editor-in-chief at CryptoPotato. He has led numerous cryptocurrency-related projects and is passionate about all things blockchain.”,”detected_source_language”:”RU