Source: Cointelegraph
Original: “Author of 'The Bitcoin Standard': Saylor's holding of 10 million BTC 'does not threaten the protocol'”
Key Points Overview
Saifedean Ammous, author of 'The Bitcoin Standard', stated that even if Michael Saylor's Strategy accumulates nearly 48% of the total Bitcoin supply, it would not pose any risk to the Bitcoin protocol or its price.
"If Michael Saylor ultimately holds 10 million Bitcoins, what can he do? He will likely just use them to continue buying more Bitcoins," Ammous said in an interview with cryptocurrency entrepreneur Anthony Pompliano on April 25.
"Fundamentally, I don't think this poses a serious threat to the protocol," Ammous said.
Ammous noted that if Saylor manages to accumulate 10 million Bitcoins, he is unlikely to "wake up one day and say, let's try a hard fork to create another 5 million Bitcoin supply so I can have 15 million." He reiterated that doing so would devalue his existing 10 million Bitcoins.
Previously, several participants in the crypto market expressed concerns about Bitcoin whales, questioning the extent to which their holdings could lead to market manipulation, centralization, or liquidity risks.
As of the time of publication, according to Saylor Tracker data, Saylor's company Strategy holds 538,200 Bitcoins, valued at approximately $5.018 billion. Meanwhile, according to BlackRock data, the net asset value of the BlackRock iShares spot Bitcoin ETF is $54.48 billion, roughly equivalent to 585,000 Bitcoins.
These two companies together hold about 5.3% of the total Bitcoin supply. However, Ammous stated that this is not a cause for concern.
"This does not mean that Michael Saylor or Larry Fink owns all these Bitcoins. It is their shareholders who own these Bitcoins, or rather, the ETF holders who own these Bitcoins."
"In terms of BlackRock and Strategy holding these Bitcoins, they do so because they are fulfilling their fiduciary responsibilities to shareholders and ETF holders in a satisfactory manner," Ammous added.
Ammous explained that if BlackRock or Strategy begins to manage their holdings in a way that is harmful to shareholders or ETF holders, or starts to abuse their position, then investors would withdraw their funds, seeking other ways to gain exposure to Bitcoin.
On April 24, Cointelegraph reported that a new Bitcoin asset management company, Twenty One Capital, led by Strike founder Jack Mallers and supported by Tether, SoftBank, and Cantor Fitzgerald, is seeking to replace Strategy as "a premium tool for providing investors with a more capital-efficient Bitcoin exposure."
Related: Strike founder Mallers to lead company seeking to surpass MSTR's Bitcoin (BTC) investment strategy
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