Jason Calacanis (제이슨 칼라카니스), an early Uber investor, said Michael Saylor’s large-scale bitcoin buying could instead limit bitcoin’s further rise.

On Aug. 19, the blockchain media outlet U.Today reported that Calacanis said Strategy’s accumulation method and financing structure have changed how the bitcoin market works.

In a post on X, formerly Twitter, Calacanis said Saylor is pulling in bitcoin in a way that seeks to corner the market. He also said adding various complex financial techniques has fundamentally changed the crypto market.

The remarks came as he rebutted optimism from Anthony Scaramucci (앤서니 스카라무치), founder of SkyBridge Capital. Scaramucci assessed the broader market as being in a bear market but kept a bullish outlook on bitcoin.

At the Wyoming Blockchain Symposium, Scaramucci said bitcoin has shown unusual resilience during the recent downturn. He also said as the next halving cycle approaches and new supply declines, supply and demand will tighten further. He said bitcoin could again rise above $100,000, but a recovery would take some time.

This is not the first time Calacanis has criticised Strategy. Earlier this month, he called it the most complicated way to buy bitcoin and said anyone looking to invest in bitcoin should buy bitcoin itself, not Strategy shares.

He also questioned the premise behind a rising bitcoin price. Calacanis said bitcoin’s price needs a continuously expanding base of believers to rise, but funds that had chased price gains and speculative profits in recent years appear to have moved to other investments. He also asked whether bitcoin can truly reach $1 million per coin and, if so, when.

Investor views were mixed. Hunter Horsley (헌터 호슬리), chief executive of Bitwise, pushed back directly in a reply the same day, saying Calacanis was wrong.

The exchange is spreading beyond differences over bitcoin’s price outlook into a debate over how companies’ large-scale holding strategies affect market structure. With expectations of supply declines due to the halving and corporate-led accumulation both in focus, future inflows of new funds and a concentration of holdings in specific entities are expected to be key variables in the bitcoin market.

Will it ever hit $1 million? Heck will it even hit $250,000? I think Saylor broke the game of bitcoin by trying to corner the market and doing all kinds of funky financial engineering around it