Angel investor Jason Caracanis is urging investors to buy Bitcoin directly, rather than following Michael Saylor’s corporate strategy. He warns that MicroStrategy’s aggressive Bitcoin accumulation could inflate risks, distort the company’s actual valuation and expand the reputation of the Bitcoin market.
Calacanis believes that direct ownership provides more control to investors and avoids the volatility of a single company’s large cryptocurrency holdings.
Calacanis raises doubts about MicroStrategy’s approach
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Jason Calacanis, an early supporter of Uber and a prominent Silicon Valley voice, urged investors to avoid micro-tactics. Calacanis argued that investors should hold Bitcoin directly, rather than relying on public companies’ Bitcoin exposures to avoid unnecessary corporate risks.
Caracanis has repeatedly been skeptical of Michael Saylor’s aggressive accumulation of Bitcoin. He believes that strategic stocks should trade at a discount on net asset value, as the business model relies heavily on Bitcoin price movements. This dependency creates volatility that may not reflect the actual value of the underlying business operations of the company, investors say.
Market perception concerns
Investors also argue that Saylor’s famous Bitcoin purchase, which is celebrated by some crypto enthusiasts, could have a negative impact on the image of Bitcoin. Calacanis warns that concentrating many of the cryptocurrencies within a single company can distort market dynamics, create a centralized influence narrative, and undermine the decentralisation spirit of Bitcoin.
MicroStrategy has invested billions of dollars in Bitcoin since 2020, establishing its position as the largest public cryptocurrency owner. The strategy has attracted attention from both Wall Street and retail investors, but the company is also exposed to Sharp Market fluctuations. Critics like Calacanis have argued that the company’s stock price now reflects more volatility than Bitcoin’s core software business, making its shareholders vulnerable.
Calacanis emphasizes that investors seeking exposure to digital assets should completely bypass corporate intermediaries. “If you need Bitcoin, buy Bitcoin,” he said. He said direct ownership allows investors to manage their own risks without relying on administrative decisions or corporate governance.
