Hal Press, founder of North Rock Digital, criticised MicroStrategy’s strategy of acquiring Bitcoin.
It’s not gonna happen anytime soon (multiple years minimum IMO), but eventually every single one of Saylor’s coins will need to be sold. When the time eventually comes it will be a career-ending collapse for founder Michael Saylor. https://t.co/dtOOqRHQPJ
— Hal Press (@NorthRockLP) April 7, 2023
In his view, MicroStrategy’s current business model is unsustainable and would be a career-ending collapse for founder Michael Saylor.
“This isn’t going to happen in the near term (at least a few years, in my view), but ultimately every one of Saylor’s coins will have to be sold,” he wrote.
The idea of taking a software company and levering it to the gills to run a “Bitcoin acquisition strategy” is so comically stupid it’s actually quite funny. Will be so obvious in hindsight. https://t.co/63qjKVvYAv
— Hal Press (@NorthRockLP) April 7, 2023
“This genuinely isn’t a comment about Bitcoin. If he did it to buy ETH, it would be just as foolish. That does not mean he wouldn’t also be profitable either; there is a chance he would be. My view: the structure is not sensible,” said the founder of North Rock Digital.
This genuinely isn’t a comment about Bitcoin. If he did it to buy ETH it would be just as silly IMO. It’s not to say that he won’t be profitable either, there is a chance he will be. My point is that the structure is not sensible. Hijacking a public company and then levering it… https://t.co/V6qvO1H1r4
— Hal Press (@NorthRockLP) April 8, 2023
One of the Twitter users criticised Press.
So is that your argument to not own BTC? That it might need to be sold in 30 years? Weak
— Crypto Rogue Trader (@CRogueTrader) April 8, 2023
“Is that your argument for not owning BTC? That it might have to be sold in 30 years? Weak,” he wrote.
In November 2022, amid the FTX collapse and Bitcoin falling below $16,000, Saylor reaffirmed MicroStrategy’s course to continue buying the leading cryptocurrency.
In March, the company acquired 6455 BTC for $150 million. In April, MicroStrategy added another 1045 BTC for $29.3 million.