Saylor's Strategy Undermines Bitcoin Price Targets
Early Uber investor Jason Calacanis has expressed concerns that Bitcoin may struggle to reach its current price targets of $250,000 or even $1 million. According to Calacanis, billionaire Michael Saylor's efforts to accumulate a large portion of Bitcoin through Strategy's financial engineering have fundamentally changed the cryptocurrency market.
Calacanis made his comments in response to Scaramucci, who remains bullish on Bitcoin despite describing its current market environment as a bear market. Scaramucci believes that Bitcoin has been unusually resilient during its latest downturn and expects it to move back up over $100,000 once the halving cycle comes in again.
However, Calacanis is skeptical of Bitcoin's ability to attract new investors, stating that 'Bitcoin requires a growing community of believers... at least for the price to go up.' He also questioned whether Saylor's attempts to corner the market with Strategy will undermine the asset itself.