MicroStrategy co-founder Michael Saylor recently highlighted 60 public companies that can issue equity to buy Bitcoin.
The Virginia-based business intelligence firm is, of course, the number one corporate holder of Bitcoin with nearly 389,000 coins.
Mining giant Marathon Digital and Mike Novogratz’s Galaxy Digital are in second and third places with 34,794 and 15,449 coins, respectively.
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E-car manufacturer Tesla is also in the top 10, still occupying the sixth position despite selling off a significant portion of its holdings.
Related Thu, 10/24/2024 - 05:19 Tesla Confirms It Still Holds Bitcoin
MicroStrategy, which emerged as one of the biggest success stories of 2024 due to its stunning gains, recently started attracting more scrutiny due to its controversial debt-for-Bitcoin strategy, with some naysayers ringing alarm bells over its sustainability.
Corporate Bitcoin adoption is still in its early innings, with few companies hopping on that train despite MicroStrategy’s success.
Some critics have suggested that the company’s sheer dominance in this sector might make buying Bitcoin a less attractive option for possible newcomers.
Related Thu, 10/31/2024 - 17:53 Prominent Tesla Short-Seller Issues Major MicroStrategy Warning
Even a lot of crypto-native companies do not seem to be on board. For instance, there are a total of 12 publicly traded Bitcoin mining companies with zero coins on their balance sheet.
“No demand”
Peter Schiff, a prominent financial commentator, took aim at Saylor, arguing that he wants public companies to buy Bitcoin because there is no demand from the general public.
“The reason you want public companies to buy Bitcoin is that there is no real demand for Bitcoin among the general public. So you need companies to buy it merely to support the market and prop up the price of an otherwise worthless digital token,” he said.
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