CandleFocus Saylor Defends MicroStrategy’s Bitcoin Bet as BTC Price Plunges
2024-11-26
Author: Content Editor
Jason Calacanis, a well-known angel investor, has criticized MicroStrategy's strategy of buying Bitcoin, calling it "memestock madness" because he believes the company is overpaying for the cryptocurrency. MicroStrategy's CEO, Michael Saylor, defended the purchase, saying it represents the digital transformation of capital. Calacanis finds the company's strategy too complicated to understand. There is concern among analysts, including Calacanis and Bloomberg columnist Lionel Laurent, about the potential impact on MicroStrategy if the price of Bitcoin crashes. Calacanis previously predicted a 70% chance of Bitcoin crashing to zero but now believes the probability is less than 5%.
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