Bitcoin analyst Willy Woo cautioned bitcoiners against celebrating MicroStrategy’s accumulation of bitcoin. He stated that it poses centralization risks as the decision-making is centralized, even though it is a publicly traded and owned firm.
TBH Bitcoiners shouldn’t be celebrating MicroStrategy buying more BTC. It poses centralisation risks, even though it’s public traded and owned, its decision making is centralised.Bitcoiners should celebrate its adoption by ordinary people using it to solve problems.
— Willy Woo (@woonomic) December 28, 2022
Woo also stressed that bitcoiners should celebrate its adoption by ordinary people who use it to solve problems. Bitcoin educator Dan Held, however, didn’t agree with Woo’s statement. According to Held, there are no risks of centralization because coin ownership provides no control over the network.
Held also stated that:
Also, it’s a free market, and people or companies can buy as much as they want.
Woo had an argument against Held’s statement, which claimed that if whales control an asset, users will be rugged. He also quoted an instance where the US government bought 50% of BTC. Held argued that it is irrelevant because no one has control over who buys bitcoin. He also continued his statement by mentioning that it would be great if the US government bought BTC.
Recently, MicroStrategy revealed that over the previous two months, it had spent more than $55 million purchasing nearly 2,500 bitcoins. After these transactions, Microstrategy now owns about 132,500 bitcoins.
MicroStrategy has been one of the largest corporations that has always been pro-Bitcoin. The firm kept accumulating Bitcoin with no intention of selling it in the near future. BTC is trading at $16,512 at press time, with a 0.23% drop in value over the last 24 hours. It is also 76% down from its all-time high of $68.789.63 in November 2021.