Michael Saylor holding 10 million BTC unlikely to threaten protocol

Saifedean Ammous, author of The Bitcoin Standard, said that even if Michael Saylor’s firm Strategy were to hold 10 million Bitcoin (CRYPTO:BTC), it would not pose a threat to the Bitcoin protocol or its price stability.

In an April 25 interview with Anthony Pompliano, Ammous argued that such a concentration would likely be used to acquire more Bitcoin, not alter the network.

“If Michael Saylor ends up with 10 million Bitcoin, what is he going to do? He’s likely just going to leverage them to buy more Bitcoin,” Ammous said.

“I don’t see how it would threaten the protocol in the serious sense,” he stated, dismissing fears that large holdings could lead to changes in Bitcoin’s supply or protocol.

Ammous emphasised that attempts to inflate Bitcoin’s supply would devalue existing holdings, including those held by large investors like Strategy.

Currently, Strategy holds around 538,200 Bitcoin, worth approximately $50 billion, while BlackRock’s iShares spot Bitcoin ETF controls about 585,000 Bitcoin, valued at $54.48 billion.

Together, these entities manage about 5.3% of Bitcoin’s total supply.

However, Ammous clarified that neither firm directly owns the Bitcoin.

“It’s not like Michael Saylor or Larry Fink owns all those Bitcoins. They have shareholders who own all those Bitcoins, or ETF holders that own those Bitcoins,” he said.

He explained that both companies act as fiduciaries, managing the assets on behalf of investors.

Ammous noted that if these firms misused their positions or acted against shareholder interests, investors would likely exit and move their funds elsewhere.

The comments come as debate grows over the potential influence of large Bitcoin holders on network governance and market behavior.

According to Ammous and data from Saylor Tracker and BlackRock, the current level of holdings does not pose a risk to Bitcoin’s decentralisation or protocol integrity.

At the time of reporting, the Bitcoin (BTC) price was $93,764.60.