Joe Weisenthal, the co-host of Bloomberg's "Odd Lots" podcast, mocked Strategy's Bitcoin gains in a recent social media post.
Weisenthal's Criticism
Joe Weisenthal mocked Strategy's Bitcoin investment returns by pointing out that over the years, the company's gains amounted to only about 30%. This remark sparked a reaction from the Bitcoin community.
Company's Investment Strategy
After its recent $11 million Bitcoin purchase, the company's total holdings have approached the 500,000 BTC mark, raising its average purchase price to $62,000. However, the company's stock has increased by nearly 2,200% since it adopted its Bitcoin strategy.
Investors and Critics' Opinions
Angel investor Jason Calacanis believes that the company's average price will eventually meet the current price if Strategy continues to buy Bitcoin. He also expressed concerns that further centralization by MicroStrategy might affect the market. Meanwhile, the company announced its intention to fund more purchases by issuing perpetual preferred stock shares. The company's shares have dropped by more than 3.5% this Thursday and by 5.27% year-to-date.
Strategy continues to invest heavily in Bitcoin despite criticism and doubts about the strategy's success. Time will tell whether these investments meet investors' expectations.
