“If someone points out the risks they are taking, if they are otherwise healthy, they could cause bank runs or be accused of being trolls.” rice field. “It’s kind of hard to rationalize this before the crash happened. But now it happened.”
In 2020 Thaler announced that MicroStrategy will start stockpiling Bitcoin because It “could go higher in the long run than holding cash.” As of the end of June, the company had purchased 129,699 bitcoins from him for just under $4 billion, according to the SEC. filing(With Bitcoin’s recent devaluation, its stash is now worth about $1 billion less than what MicroStrategy paid for it.)
At the height of the crash, MicroStrategy spent $10 million on 480 Bitcoins, even though the price per coin dropped to around $20,000. The purchase was the smallest MicroStrategy has made in over a year. Thaler said the size of the purchase does not indicate he lacks confidence in the currency. Given the cash on hand, it was the most the company could pay, he said.
“I always wish I could buy more,” he said. “It’s frustrating.”
Thaler and others at Maxis sometimes complain about the lack of Bitcoin representation in Washington. expressed Concerns about the environmental impact of cryptocurrencies are growing.
Some of the crypto advocacy work in Washington is funded by companies that offer cryptocurrencies built on alternative verification systems that require less energy to maintain. In April, billionaire Chris Larsen, co-founder of cryptocurrency company Ripple, announced a donation. $5 million Proponents of a marketing campaign calling on Bitcoin to abandon its energy-hungry mining infrastructure claim it is essential to keeping the network safe and fair.
Bitcoin proponents are now building their own political machinery. Earlier this year, Bitcoin advocate David Zell launched the Bitcoin Policy Institute, a think tank in Washington to advance a pro-Bitcoin agenda. The Institute claims that concerns about Bitcoin’s energy consumption are exaggerated.
