By Nermeen Nabil Khear 
‘Pharma Bro’ Martin Shkreli recently criticized MicroStrategy CEO and co-founder Michael Saylor for initiating his Bitcoin playbook for the asset management company. Pharma Bro mentioned on the Shkreli Planet podcast that Saylor was drunk on the idea. Shkreli added that the situation was a big bubble that would not end well for the company.
The asset management company introduced Bitcoin as its treasury reserve asset. Saylor described the digital asset as ‘digital gold’ and mentioned its stability as a store of value. The asset manager’s CEO further mentioned MicroStrategy’s plan to leverage BTC as a hedge against inflation. Michael Saylor also introduced the idea of BTC as a reserve currency for institutions in his Bitcoin playbook.
Shkreli pointed out MicroStrategy’s plan to continuously purchase Bitcoin as part of the company’s business model. The asset management company first purchased BTC in 2020 worth $250 million to get 21,454. MicroStrategy made the most recent purchase of BTC worth $1.5 billion on December 15, increasing its holdings by 15,350 coins and bringing its total to 439,000 BTC.
Pharma Bro also revealed during the discussion that he was shorting MicroStrategy stocks. Despite this claim, the investor did not reveal the size of his position. Shkreli added that his trade was a bit painful but fun. MicroStrategy stocks have still been rising despite Pharma Bro’s negative sentiment. MSTR has been up 490% this year, allowing the company to join the Nasdaq-100 index.
Martin Shkreli says Saylor is not a favorable BTC advocate
Shkreli further criticized Saylor’s advocacy for BTC. The investor suggested that the MicroStrategy CEO was not the best advocate for the currency despite being among the loudest. Shkreli also doubted Saylor’s commentary on BTC, citing a lack of credibility.
The investor mentioned Saylor’s recent presentation to Microsoft shareholders. The MicroStrategy CEO shared his thoughts with the technology conglomerate on December 1. Saylor suggested that Bitcoin was the next technology wave, and Microsoft could not afford to miss it.
The executive of the asset management firm suggested that Microsoft redirect its debt, stock buybacks, cash payouts, and other income sources toward BTC. Saylor further explained that the action could increase the company’s value by trillions while reducing investor and shareholder risks.
Microsoft shareholders voted no to the proposal, citing reservations due to the coin’s volatility. However, the company’s board still highlighted that it would monitor developments in the BTC markets.
Shkreli discussed the vote turnout, mentioning the 0.5% ‘yes’ vote and describing it as the worst proxy vote he had ever seen. The investor added that the negative outcome made him slightly bearish on BTC.
Shkreli speculates on the BTC price outcome
Pharma Bro speculated the outcome of BTC prices in relation to MicroStrategy’s cryptocurrency acquisitions. In his opinion, the coin’s price should have spiked after the billions of dollars the asset management company has injected into BTC purchases.
Shkreli then speculated that the current price showed a bearish BTC sentiment. The investor insisted that his prediction did not mean the coin’s price would plunge. BTC has made notable steps, reaching a new all-time high of $107,104 today. The coin is trading 0.18% lower than the new ATH but over 3% higher than yesterday’s price.
Despite the ongoing discussions, Shkreli further mentioned that he expected the U.S. to stockpile only a little BTC. Shkreli highlighted that the next government could undo the progress even if Trump’s government accumulates BTC.
President-elect Donald Trump has been preparing to make Bitcoin the strategic reserve asset of the U.S. Treasury. Trump has also promised that the government will continue with significant BTC mining projects and acquisitions.
A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.