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Microstrategy's Bitcoin Accumulation Sparks Centralization Debate Among Experts

Bitcoin analyst Willy Woo has warned bitcoiners about the potential centralization risks posed by Microstrategy's recent bitcoin accumulation.

Bitcoin Logos
Bitcoin Logos

Woo argued that the decision-making for the publicly traded and owned firm is centralized and encouraged bitcoiners to celebrate its adoption by ordinary people instead.

However, Bitcoin educator Dan Held disagreed with Woo's assessment, stating that coin ownership provides no control over the network and that it is a free market where people or companies can buy as much as they want. Held also pointed out that it would be a positive development if the US government were to buy BTC, as was suggested by Woo.

Microstrategy's Bitcoin Holdings Continue to Grow

Microstrategy has revealed that it has spent more than $55 million over the past two months purchasing nearly 2,500 bitcoins, bringing its total bitcoin holdings to around 132,500. The firm, which has consistently been a vocal supporter of bitcoin, has no plans to sell its bitcoin in the near future. At the time of writing, BTC is trading at $16,512, with a 0.23% drop in value over the last 24 hours. It was also down 76% from its all-time high of $68,789.63 in November 2021.