According to external sources, early Uber investors Jason Calacanis argued that bitcoin would not necessarily rise to $250,000, let alone $1 million. He pointed at Michael Saylor and Strategy, claiming that the latter had changed the way the Bitcoin market operated through continuous buying and complex financing.
Calacanis question.
On X, Calacanis stated that Sailor tried to “pack” bitcoin and made a large financial arrangement around the asset. In his view, that practice had led to a change in the market structure of Bitcoin and had weakened external confidence that it continued to rise significantly.
He also criticized Strategy on several occasions as the company's “best way to buy bitcoin”. It seemed to him that a guy who wanted bitcoin would buy BTC directly, and not have to hold it indirectly through a silo-listed company.
How much new money can Bitcoin attract?
Calacanis further questioned whether bitcoin could continue to attract enough new buyers. In his view, over the past few years, the funds for growth and speculation had shifted to other, more attractive targets.
That is one of the reasons why he judged that bitcoin was restricted in the upper spaces. According to him, it would be more difficult to continue to move up significantly than in the case of a new supporter if growth slowed.
The market isn't always empty.
Not everyone agrees with this judgement. Chief Executive Officer Bitwise Hunter Horsley responded directly on X that Calacanis was wrong.
The article also mentions that Anthony Scaramucci still looks at Dobitcoin, except that he describes the current environment as Bear City. This also shows that market differences remain evident around the long-term price targets of bitcoin.