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616 sats \ 1 reply \ @phygit 27 Sep 2023 \ on: Implications of Saylor Owning Nearly 1% of All Bitcoin bitcoin
I value freedom, so MS is free to buy as much BTC as he wants.
But I see more pitfalls than benefits in him owning so much:
. Generally speaking (for any assets), whales are more hurting the market than protecting it. The only thing they will protect is their money, and they certainly dont' give a dam about others, especially small fishes. So, for the average bitcoiner owning less than 1 BTC, it's seriously misleading to think that MS is "on their side". MS will dump his bags when he sees fits or when he needs to.
. Considering that many BTC are gone forever, MS probably owns more than 1% of the supply, and it's enough to influence the market. Plus, let's not forget Saylor's famous tweet in 2013, predicting that "Bitcoin days are numbered".https://twitter.com/saylor/status/413478389329428480 I doubt that MS could change his mind about Bitcoin, but still. The world changes, situations change, people change.
.The media exposure of MS is both legit and problematic. For the media, he is, de facto, a kind of "Mister Bitcoin". And that's not good. MS doesn't represent Bitcoin or bitcoiners, and the idea that he has become an "incarnation" of Bitcoin is worrying. I'm a Bitcoiner for longer than MS, and I don't like him to speak on my behalf.
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10 sats \ 0 replies \ @TwoLargePizzas 27 Sep 2023
MS will dump his bags when he sees fits or when he needs to.
To be fair, you can say that about anyone. Nobody knows for sure what MS will actually do but so far he has shown as much conviction as anyone here on SN.
I doubt that MS could change his mind about Bitcoin
This is basically the same argument. Anyone can change their mind at any time for whatever reason. He's clearly changed his opinion since 2013. Could he change it again? Of course, but he's stayed pretty consistent for the last 3 years through a bear market.
The media exposure of MS is both legit and problematic. For the media, he is, de facto, a kind of "Mister Bitcoin"
Like it or not, being a billionaire and the face of a public company gives him more credibility in the eyes of the media than some random joe on the street.
It was only a matter of time before a rich public figure got bought a lot of Bitcoin. If it wasn't MS it would've been someone else just like him. There's no world where that wouldn't be the case. It's fortunate he's a pretty smart well spoken guy and not some dictator or enemy of the state.
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