Michael Saylor, founder of MicroStrategy and a leading Bitcoin (BTC) maximalist, has announced a groundbreaking next step: transforming MicroStrategy into a Bitcoin bank. This ambitious plan focuses on transforming his company into a financial institution with Bitcoin as its core asset.
MicroStrategy: Bitcoin as a core asset
The goal of this Bitcoin bank is to acquire more Bitcoins through financial instruments such as stocks and bonds. This allows investors to benefit from Bitcoin’s price fluctuations without owning the digital currency itself. Since 2020, MicroStrategy has amassed more than 252,220 Bitcoins, with an estimated value of $15.7 billion, making the company one of the largest corporate holders of BTC.
Criticism from the crypto world
Craig Wright, a controversial figure who claims to be the creator of Bitcoin, strongly criticized Saylor’s plans. According to Wright, the idea of a Bitcoin bank goes against the original vision of Bitcoin as a decentralized payment method for instant, peer-to-peer transactions. He warns that the centralization this creates further undermines Bitcoin’s original philosophy.
Bitcoin price rises above $64,000
While Saylor remains very bullish on Bitcoin, the coin’s performance has continued to hover around $60,000 and $62,000 in recent weeks. However, in the past 24 hours, the BTC price broke through $64,000, leading to the liquidation of more than $100 million in short positions. This so-called “short squeeze” could stimulate further price increases.
Source: https://newsbit.nl/kritiek-op-michael-saylors-plannen-voor-een-bitcoin-bank/
