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U.Today - Prominent internet entrepreneur Vinny Lingham has taken to his account on X to share his thoughts on the large Bitcoin purchase that was made just recently by Michael Saylor’s company Strategy but announced only today.
Vinny Lingham and his X followers seem critical of Michael Saylor’s Strategy since it is slowly but surely becoming one of the largest Bitcoin holders and perhaps pushing BTC to becoming a centralized asset managed by financial elites.
"Strategy is now the Federal Reserve for Bitcoin"
The Bitcoin-focused firm has purchased a $285.8 million worth of BTC, which comprises 3,459 Bitcoins. Now, the renowned firm that switched its main business from producing business intelligence software to investing in Bitcoin long-term has increased its bag to more than 530,000 Bitcoins. That is 2.5% of the total Bitcoin supply of 21 million coins.As Saylor’s company continues to swell with Bitcoin, boosting its BTC bag, Lingam has likened it to the “Bitcoin Federal Reserve”: “Strategy is now the Federal Reserve for Bitcoin.”
However, this seems to be a rather critical take on Saylor and his firm’s continuous Bitcoin accumulation, highlighting the strengthening centralization of the world’s largest cryptocurrency.
The Federal Reserve is considered a negative force in the world of finance, harshly criticized by many financial experts since it controls the U.S. dollar and prints additional money supply whenever it sees fit.
Many commentators also shared their negative reactions to Strategy’s constant Bitcoin purchases, as it concentrates more and more BTC on its balance sheet.
Top VC investor accuses Saylor of hijacking Bitcoin
Roughly a month ago, prominent venture investor and entrepreneur Jackson Calacanis stated in a comment to Anothony Pompliano’s tweet that Bitcoin has been “hijacked.” He also said that Michael Saylor and guys like him are likely to “break the Bitcoin game,” indicating that Saylor’s constant accumulation of BTC is likely to make Wall Street companies follow in his footsteps and gain control over large amounts of Bitcoin.In the fall of 2024, Saylor briefly mentioned that he believes those who do not trust corporate entities to hold Bitcoin are crazy crypto anarchists. That statement triggered a massive backlash from the community, and eventually Saylor made what looked like an apology — he said that everyone is free to hold Bitcoin the way that suits them best.