- The recent price rally of Bitcoin
(BTC) has become a highly debated topic among leading figures in the crypto industry.
- Former SEC Internet Enforcement Office Chief, John Reed Stark, has begun to explain the reason behind the price increase of Bitcoin.
- A few weeks ago, MicroStrategy increased its Bitcoin portfolio by acquiring 16,130 BTC for a total of $593.3 million at an average price of $36,785.
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While former SEC Internet Enforcement Office Chief, John Reed Stark, criticizes the recent rally in Bitcoin’s price, maximalists remain steadfast!
Former SEC Official Questions the Rise in Bitcoin
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The recent price rally of Bitcoin (BTC) has become a highly debated topic among leading figures in the crypto industry. Bitcoin briefly surpassed the $42,000 level today, testing its annual high, and currently comfortably sits above $41,500 at the time of writing.
Former SEC Internet Enforcement Office Chief, John Reed Stark, has begun to explain the reason behind the price increase of Bitcoin. He likened the attempt to define the fluctuations to identifying the clothes worn by poltergeists. He then listed some structures that crypto lacks, including intrinsic value, cash flow, yield, management, balance sheet, and a series of other things.
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Stark shared his thoughts on why the prices of crypto assets are rising. Firstly, he pointed out the absence of a strong regulatory framework to prevent price fluctuations, and secondly, he explained the ability of people to sell high-priced crypto to a ‘greater fool,’ whether or not crypto is overvalued. He continued: “Of course, this continues until there is no greater fool left, and then everything collapses.”
In the end, the former SEC official did not hold a positive view of investments in Bitcoin and other crypto assets. John E. Deaton disagreed with Stark’s attitude towards crypto investments. The XRP-supporting lawyer believed he was on the side of some crypto enthusiasts like Cathie Wood from ARK Invest, Michael Saylor, Stanley Drunkenmiller, Paul Tudor Jones, and Tim Draper.
BTC Investors Currently Profitable
A few weeks ago, MicroStrategy increased its Bitcoin portfolio by acquiring 16,130 BTC for a total of $593.3 million at an average price of $36,785. This purchase helped the business intelligence and software company maintain its position as the largest holder of Bitcoin. Despite criticisms of Saylor and MicroStrategy’s bets, Deaton praised the CEO for this intelligent move.
“Whether you like him or not, whether you like the Bitcoin strategy or not, Saylor should feel pretty good right now,” wrote Deaton, providing more context for the praise that the company is currently profitable.
Like Saylor, Bitcoin supporters and investors mentioned in the context of the current price increase are making a profit with the current price environment. This rally encouraged El Salvador President Nayib Bukele to criticize previous Bitcoin-opposing organizations for his country’s BTC bet.