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Venture capitalist Jason Calacanis has reignited debate in the crypto market by questioning whether Bitcoin’s current price is being artificially supported by the aggressive accumulation strategy of Michael Saylor’s firm, Strategy. His concerns follow the company’s disclosure of a $2.54 billion purchase of 34,164 BTC, bringing its total holdings to 815,061 BTC—one of the largest Bitcoin reserves held by a single entity.
Calacanis raised his case publicly by asking the AI chatbot Grok to estimate what Bitcoin’s price might look like without Strategy’s consistent buying since 2020. The AI analysis suggested Bitcoin could be trading $10,000 to $20,000 lower than its current level of around $75,525, absent Saylor’s injection of more than $61 billion into the market.
The claim centers on the “whale effect,” a concept in which large-scale investors can materially influence asset prices.
Critics point to Strategy’s use of an at-the-market (ATM) equity offering program to raise funds and acquire Bitcoin. Calacanis argues that the structure—described as complex and debt-driven—could contribute to an artificial price floor for BTC. He also said he would avoid investing in Strategy’s stock, MSTR, warning against potential “Bitcoin bailouts” if the approach comes under financial pressure.
Other market participants dispute the idea that Strategy is distorting the market. They argue that investors who support Saylor’s purchases could instead buy Bitcoin directly if the investment vehicle did not exist. Under this view, Strategy is not creating demand artificially, but providing an alternative way for investors—particularly those uncomfortable with managing crypto custody—to gain exposure.
As Bitcoin draws more mainstream attention, the discussion over institutional influence versus organic demand remains a key issue for investors and analysts.
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