Prominent venture capitalist Jason Calacanis questions whether the current price of the asset is actually supported by the accumulation strategy of Michael Saylor’s strategy.
As reported by U.Today, Strategy recently announced the acquisition of 34,164 companies for a staggering $2.54 billion. $BTC. The total number of shares held by the company has increased to 815,061 shares. $BTC. Of note is that this is the third largest $BTC Purchases to date.
$20,000 premium?
Calacanis sent a rather provocative query to the AI bot Grok, asking what the price of Bitcoin would be today if Michael Saylor hadn’t injected more than $61 billion into the market since 2020.
The AI analysis concluded that without Saylor’s active purchases, Bitcoin’s price could fall by $10,000 to $20,000 from current levels ($75,525).
This “whale effect” is what worries Calacanis. He has long argued that Strategy’s “complex” capital structure creates an artificial floor.
The company uses a fairly sophisticated at-the-market (ATM) public offering program to make stock purchases.
As reported by U.Today, Calacanis famously said he would not touch MSTR stock “with a 10-foot stick” even if it crashed, and warned that “there should be no Bitcoin bailout” if the company’s debt-laden strategy ultimately fails.
However, some users threw cold water at Karacanis’ reasoning and Grok’s assessment.
“This assumes that the buyers financing his purchase won’t buy directly themselves unless he offers an easier means for the buyer to not deal with the storage risks,” one user said.
