On Christmas Day, Bitcoin started in the red, trading below its previous close of $98,688.11 after fluctuating significantly.
As of 8:40 UTC, Bitcoin briefly hit a high of $98,764 at 00:36 UTC but remained below Tuesday’s close for most of the time. The lowest point it reached was $97,820, down by $868 compared to its earlier close.
According to Binance, renowned investor Jason Calacanis raised concerns about business intelligence firm MicroStrategy’s large Bitcoin purchases, suggesting they might disrupt the cryptocurrency market.
Earlier, *Barron’s* reported that MicroStrategy shareholders are set to vote on a proposal to increase the company’s authorised common stock to more than 10 billion shares. This move, according to *Barron’s*, could theoretically allow the company to buy all the Bitcoin in circulation at current prices.
While this notion seems extreme, MicroStrategy’s co-founder Michael Saylor responded with humour, joking on social media about taking inspiration from *Barron’s*. Saylor has mentioned that his ultimate goal is to acquire $3 trillion worth of Bitcoin and envisions the firm’s market cap growing to $10 trillion.
Despite Saylor’s ambitions, Calacanis, a critic of MicroStrategy’s strategy, warns that such massive buying could make Bitcoin less appealing to future investors, who might see the market as being controlled by Saylor.
Calacanis speculates that if Saylor accumulates too much Bitcoin, investors might shift their focus to other opportunities.
